Asia-Africa trade forum set up

Asia-Africa trade forum set up

KUALA LUMPUR (AFP): Executives from Africa and Asia were arriving in the Malaysian capital Monday for the launch of a new business forum aimed at dispelling Africa's image as a continent of corruption, conflicts and crises.

The United Nations Development Program (UNDP), joint organizer of the Africa-Asia Business Forum, says much of Africa is actually a good place to do business.

For the vast majority in Asia, according to a statement issued by the UNDP, "Africa has been generally characterized by economic depression, military conflicts, unstable political regimes and mounting social and health problems.

"What is not known is that there have been positive developments in Africa that are highly relevant for local and foreign investors and for expanded trade relations with the countries of Asia."

To dispel some preconceptions, executives of 149 companies from 25 African countries and of 129 companies from six Asian states will meet from Tuesday for four days of discussions and deal-making.

Ken Fujimura, senior adviser on South-South cooperation at the UNDP, said the executives from small and medium-sized enterprises would discuss franchising, joint ventures, agency agreements and licensing deals.

Prime Minister Mahathir Mohamad, a strong supporter of South- South cooperation, is due Tuesday to open the forum. It is organized by the UNDP, the Malaysian government, the World Bank's Multilateral Investment Guarantee Agency and Malaysia's South Corp Bhd.

"Now Africa is changing," Fujimura told AFP. "A number of countries have five percent or more economic growth and there is a new generation of politicians ... and less corrupt governments."

The forum is financed by the Japanese government, with African delegates paying their own fares.