By Franklin Alli
The United Nations Industrial Development Organization (UNIDO) andÂ Â the African Union Commission, will today begin mapping of investment flows into the country and other African countries.
The exercise is being executed through a new internet-based Monitoring Platform recently floated by the organisations, and the database, it is hoped, would offer investors more information for analysis and decision making.
â€œThe first surveys will start today ( 23 July) in Kenya and Senegal. By the end of October, 22 countries will have been covered. The new Investment Monitoring Platform will provide data and information on the characteristics of foreign and domestic investors, as well as their motivations, actions, perceptions, intentions, and impact,â€ said UNIDO Director-General, Kandeh K. Yumkella.
â€œThe Monitoring Platform will bring a new level of transparency to the investment and business landscape in Africa.Â It will allow country ranking through investor evaluation and performance.Â It will also enable investors to conduct analysis and make more informed decisions, better assess business risks, and identify potential counterparts.â€
The data on the platform will be supplied through bi-annual surveys of both foreign and domestic investors conducted in more than 20 African countries by UNIDO.
â€œThe information gathered will also allow for a better understanding of the impact of the global financial crisis on investment flows in Africa. It will help Government and national agencies design more effective investment and business policies, promotion strategies and services that respond to investor needs, and formulate viable industrialisation strategies for the continent,â€ said Yumkella.
The Investment Monitoring Platform, designed in partnership with the Microsoft Corporation, is supported by the African Union Commission and financed by the European Union Commission, the Governments of Austria, Italy, Turkey and South Africa.
It is the result of the collaboration between UNIDO and the Investment Promotion Agencies Network (AfrIPANet), established in 2001 and currently comprising more than 40 members throughout Africa.Â One of its objective is to promote partnerships among investment promotion and industrial development stakeholders at the national and regional levels.
The investment monitoring platform is part of the industrialisation strategy for Africa adopted by the Conference of African Ministers of Industry in Durban, South Africa, in October 2008.