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TransformingAfrica into adestination forforeign directinvestmentStatement at 18 th Ordinary Sessionof the AU Executive CouncilAddis Ababa27 January 2011This era marks the beginning of the African moment. After yearsof negative views and news about our continent, a more positivemessage is emanating about our economic prospects. The Africaneconomy was resilient overall during the global economic crisis andour continent is emerging on the global economic scene. Africa’spotential as a destination for foreign direct investment in supportof global growth is evident from various studies including a recentanalysis which found that six of the fastest growing economies globallyover the last decade were in Africa.The data available to us also tells this story. Africa’s Gross DomesticProduct grew on average by 4.7% in 2010 compared to 2.4% duringthe throes of the global economic and financial crisis in 2009. Thisswift and fairly robust recovery was helped by high commodity prices,increased flows of foreign direct investment and the rebound oftourism. It was reinforced by countercyclical policies in some countries,and a good showing in agriculture and the telecommunicationssector. Growth prospects remain fairly strong with an expected averagegrowth rate of 5% in 2011.I must caution however that despite this fairly optimistic scenario,there remain serious downside risks, which as recent events in someof our countries show, can undermine social stability. In particular,Africa’s relatively strong growth is yet to translate info meaningfulIntegrating Africa113