Berlin – German Chancellor Angela Merkel has tried to attract investments in Africa from the German business community, highlighting the renewable energy sector.
“Africa has so much market potential, but we need to make better use of it,” Merkel said at a conference of the Sub-Saharan Africa Initiative of German Business in Berlin on Friday.
Special attention should be given to investments in renewable energies. “Their expansion is of enormous importance for us to actually achieve our global climate goals,” the chancellor said.
In the afternoon, Merkel wanted to discuss a further strengthening of economic cooperation at a partly online conference with heads of state and government of African countries.
The meeting of the “G20 Compact with Africa” initiative, which includes 12 African countries, was also to deal with the economic consequences of the coronavirus pandemic. The initiative was launched in 2017 under the German G20 presidency to promote private investment in Africa.
Merkel said that the chances for further momentum in economic relations with the partner countries were good. “The Compact with Africa is working,” the chancellor said.
In 2020, the compact countries achieved economic growth of 0.1 per cent, while the other African economies had to cope with setbacks.