COMESA calls for increased investment in the region

Common Market for Eastern and Southern Africa (COMESA) Secretary General Sindiso Ngwenya has noted the need for more and increased investment amongst member countries in the region.

Mr Ngwenya notes that despite countries in the COMESA region having an annual growth rate of 5.4 percent, it is a jobless growth rate as there is lack of investment and therefore jobs are not created.

He states that the growth rate is only a reflection of the good times when there are economic booms which do not even create jobs.

Mr Ngwenya said this when he received credentials from Iran’s special representative to COMESA and ambassador of the Islamic republic of Iran to Zambia and Zimbabwe Ahmad Erfanian.

The COMESA Secretary General is therefore optimistic that Iran will be able to help in increasing investment in the region through various trade investments it will provide through technology and expertise.

Mr. Ngwenya says during his recent visit to Iran, a memoir was signed on how COMESA and Iran will promote cooperation in different areas which include agricultural and infrastructure development, supply of pharmaceuticals, fertilizers and petrochemicals, financial corporation and promotion of business linkages.

Speaking after he presented his credentials, Ambassador Erfanian said Iran and COMESA have promising perspectives in terms of health, agriculture, mining and energy among others.

He expressed optimism that Iran and COMESA will have more cooperation and soon an Iranian COMESA business council will be established for the facilitation of trade.