A Quote by Paul Kagame
In Africa today, we recognise that trade and investment, and not aid, are pillars of development.
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This is my first visit to Africa, a region where President Bush has voiced a deep passion for fostering and encouraging economic development, investment and trade.
Development aid is one of the reasons for Africa's problems. If the West were to cancel these payments, normal Africans wouldn't even notice. Only the functionaries would be hard hit. Which is why they maintain that the world would stop turning without this development aid.
We want trade agreements that aid development and increase prosperity, growth and productivity at home and in our trade partner countries.
The U.K. and the U.S. could not have been built today without Africa's aid. It is all the resources that were taken from Africa, including human, that built these countries today! So when they try to give back, we shouldn't be on the defensive.
In the industrial nations, there's a sense that Africa would go under without development aid. But believe me, Africa existed before you Europeans came along. And we didn't do all that poorly either.
The notion that aid can alleviate systemic poverty, and has done so, is a myth. Millions in Africa are poorer today because of aid; misery and poverty have not ended but increased. Aid has been, and continues to be, an unmitigated political, economic, and humanitarian disaster for most parts of the developing world.
We hope that more assistance will be available to the nations of the region, to include Egypt, on the three pillars that I discussed today: civic society development, education and economic development.
Moyo, a Zambia-born economist, asserts that aid is not only ineffective-it's harmful. Her argument packs a strong punch because she was born and raised in Africa. Moyo believes aid money promotes the corruption of governments and the dependence of citizens, and advocates that an investment approach will do more to help reduce poverty than aid ever could.
I'm extremely positive about investment in Africa. Africa has a wonderful climate, wonderful people, and amazing possibilities. Africa has been called dark and hopeless, but today it is neither of these. Africa is awakening. It's a huge market of almost a billion people with huge resources and a young population. It's the best place to invest.
The countries that have collected the most development aid are also the ones that are in the worst shape. Despite the billions that have poured in to Africa, the continent remains poor.
The government is also looking at further benefits including enhanced capital allowances; the use of Tax Incremental Finance; and extra help from UK Trade and Investment on inward investment and trade opportunities.
Foreign trade is not a replacement for foreign aid, of course, but foreign aid to a country that doesn't also engage in significant amounts of foreign trade is more likely to end up in the pockets of dictators and cronies.
I am on my way to Ghana tomorrow morning and you just need to know that this Administration is very focused on doing all we can to promote economic development in this part of the world, in Africa, throughout Africa, North Africa and sub-Saharan Africa.
After the Moslem Africans lost control over Spain, they began to prey on the Africans further to the south. They destroyed the great independent states in West Africa, and subsequently set Africa up for the Western slave trade and the Arabs were in the slave trade before Islam and they are still in the slave trade.
A narrative that branded Africa as little more than an economic, political and social basket case was not likely to provide the investment needed to drive development.
There are three main pillars of China's economy. One is export, which is limited by sluggish global demand. The second is investment. In many sectors, there is already too much investment and overcapacity. The third is consumption.
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