RIYADH, Oct. 31 (Xinhua) -- Countries from the Global South, especially their private sectors, should enhance bilateral relationships and work together to address common challenges and build up resources, a renowned Nigerian economist has said.
"Let's start growing that bilateral relationships, because we understand the risks in the developing world more than those who are not in the developing world," Tony Elumelu, chairperson of the United Bank for Africa, told Xinhua in an interview here on Wednesday at the ongoing 8th Future Investment Initiative conference.
"I was born and bred in Africa. I do business in Africa, (and at) high school in Africa, I have seen the class half full, half empty. And I see economic opportunities, while I also see challenges. I see young Africans who are energetic, talented, and also see young Africans who unfortunately are out of jobs. I believe, as a private sector, we need to play our own role in developing Africa," he said.
Elumelu, also chairperson of Lagos-based investment holding company Heirs Holdings and founder of the Tony Elumelu Foundation, said that is why he coined and practiced "Africapitalism" to highlight African private sector's ability and necessity to play a leading role in the continent's development, the notion of which he believes works the same with private sectors of other developing countries.
Private sectors in developing countries should invest in their countries, regions and the entire Global South for the betterment and prosperity of all, he said.
As for the China-Africa relationship, Elumelu, calling it a sound one, urged the private sectors from both sides to "build that bridge stronger," so that "more Chinese businesses and African businesses can collaborate and cooperate and do more together for the betterment of our people."
Noting that Africa has a massive unemployment issue, the economist said investment from China, particularly in infrastructure, will help boost Africa's economic growth. "Infrastructure development is critical. In China, you got it. In Africa, we need it."
Apart from infrastructure, Elumelu said he also eyes future partnerships with Chinese companies in the energy sector, such as electricity, oil, and gas. ■
