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Tuesday 22 June 2021
HomeNewsSenegal: Mali president highlights importance of tax reforms for Africa's investment

Senegal: Mali president highlights importance of tax reforms for Africa’s investment

Malian president Ibrahim Boubacar Keïta has said that good policies policy are necessary for the implementation of NEPAD projects.

“The African continent has suffered significant delay in the area of infrastructure. This obliges us to engage strongly to fill that gap if we want our integration and development to become a reality,” he said in a speech on Sunday in Dakar at the opening of the first summit of heads of State and government on infrastructure financing in Africa.

“We will continue to address the issue on the regulation policies in a bid to better prepare the projects and attract investment because Africa’s capacity to raise the funds needed for its development still remains weak despite the huge resources available for the continent linked to human capital and natural and mining resources,” he added.

Stressing the 16 strategic projects that were selected out of the 51 NEPAD projects, president Keita said it was urgent for each country to work hard to accomplish them.

Among the projects are the the rail line linking the Senegalese and Malian capitals as well as road and railway projects between the main Ivorian city, Abidjan, and the Burkina Faso capital, Ouagadougou.

President Keita also drew the attention of heads of State and government on the role of good governance and the regional organization, stressing that those factors were driving forces behind economic development.

“Good governance, with the obligation to account for actions, transparency and rule of law are essential for the establishment and sustainability of an environment appropriate for development, a safer environment. The establishment and preservation of a judicial environment with reliable and independent judicial power remains essential element for good governance,” he said.

The Malian president hailed the efforts of several African countries who have adopted economic reforms, particularly tax reforms, which are some of the development factors in terms of activity, competitiveness, encouragement for the creation of business and investment.

“The efforts are to be encouraged and they must result in the establishment of a modern tax system based on the innovative principles and based on an ethics of transparency and responsibility,” he added.

Stressing the role of each country in the mobilization of alternative financing resources, president Keita drew the attention of participants on the weak level of annual contributions from member countries to finance NEPAD activities.

The Dakar summit was convened by Senegalese president, Macky Sall, who chairs the committee of NEPAD heads of State and government.

It will enable participants to discuss the ways and means to mobilize financing for 16 NEPAD infrastructure projects specifically selected for their impact on the economic development of the continent.

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