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DUBAI: January 22, 2019. On his way to the World Economic Forum in Davos, Switzerland this week, DP World chairman Sultan Ahmed Bin Sulayem told African political and business leaders in Dakar, Senegal that the key to African economic success lies in the removal of barriers, increased connectivity between nations and infrastructure development.

“We believe in the viability of Africa [and] we believe in investing in the continent. During our investment in Senegal we improved efficiency and volumes 135 percent in 10 years,” Bin Sulayem told the Africa Emergence Conference 2019 in Dakar.

Cyprus DP World“The removal of trade barriers is very important. In Africa tariffs are 50 percent higher in than in Latin America and Asia,” he said. “Intra regional trade in Africa is only 12 percent while in Europe, Asia and Latin America [it] is over 50 percent; we need to improve this to prosper,” he added.

Bin Sulayem reiterated his company’s commitment to supporting the economic growth of Senegal and developing Dakar into a major logistics hub and gateway for West Africa.

Attending the conference, Senegal president Macky Sall added: “What the CEO said is the truth. In Senegal we have experienced a change because DP World was present before I became president with a concession of 25 years at the Port of Dakar.”

“Country stability is essential but also the stability of the contracts between the a state and the private sector to develop foreign investment. It is evident that the public investment cannot satisfy the basic needs of the population so we need to work with private sector,” he continued.

DP World has operations in Senegal, Egypt, Mozambique, Somaliland, Rwanda and Algeria and has recently signed an agreement with the Republic of Mali to develop a logistics platform and the Democratic Republic of Congo for the country’s first deep-sea port.

Pictured: DP World’s multipurpose terminal at the Port of Limassol, Cyprus - a country where DP World subsidiary P&O Ferries is to transfer the registry of its six cross-Channel UK ferries to retain EU tax benefits in a post-Brexit Britain.

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