and employment generation, having thus knock-on effects for multiple other SDGs
such as SDG8 (decent work and economic growth) and SDG9 (industry, innovation
and infrastructure) (CGAP 2018) (Chap. 1 Vol. 1).
Fostering partnerships and international cooperation to secure FDIs and ODA can
be an initial step towards more transformative change. In particular, successful
sustainability interventions and investments in Africa would require both the thorough understanding of regional and local contexts (for which local stakeholders are
indispensable) (Asiedu 2006) and the know-how, technical capacity and development experience of international actors. To the extent possible, appropriate policies
should incentivize the development of foreign–local partnerships to raise and manage funding, as well as the adoption and transfer of technologies that are appropriate
to the local contexts (Chirambo 2016). For example, cooperation plans such as the
China–Africa Cooperation Beijing Action Plan (2019–2021) could provide financing for economic sectors related to energy and agriculture (FOCAC 2018). However,
such partnerships should promote the financial inclusion of the local workforce and
the training of a skilled workforce, in order to achieve broader societal benefits.
Apart from being relevant to many of the SDGs mentioned above (and throughout
this volume), fostering partnerships and international cooperation can directly contribute to the attainment of SDG17 (partnerships for the goals).
Stronger regional integration can boost the development of economies of scale,
large/stable markets and diversified goods and services (Chaps. 1 and 2 Vol. 1).
Regional integration
7 has been identified as one of the main factors for the observed
increase in FDI and ODA flows in Africa, despite the loss of momentum in global
mega-treaties and trade blocs (UNCTAD 2018). Conscious and coordinated efforts
that harmonize policies across regions, simplify processes and optimize entry costs
can in theory facilitate business growth and reduce barriers for attracting FDIs and
private sector involvement across borders. At the national level, policy integration
can reduce competition and the risk of conflict between countries, and at the same
time increase their cooperation.
Liberalization and deregulation processes can provide signals for broader economic transformation within individual countries. Such processes can become an
avenue for attract FDIs by speeding/simplifying relevant processes and reducing
opportunity costs (United Nations Economic Commission for Africa 2010). Liberalization and deregulation processes, nonetheless, require at least some minimal
governmental intervention through robust institutions that provide a conducive
investment environment, and monitor and enforce regulations (see above). Thus,
liberalization and deregulation policies should promote private investment and
co-participation, while simplifying overly bureaucratic processes and leveraging
7 Current regional integration processes in Africa include the Community for Sahel-Saharan States
(CEN-SAD), the Common Markets for Eastern and Southern Africa (COMESA), the Eastern Africa
Community (EAC), the Economic Community of Central African States (ECCAS), the Economic
Community of West African States (ECOWAS), the Southern Africa Development Community
(SADC), the Arab Maghreb Union (AMU) and the African Union (AU) (United Nations Economic
Commission for Africa 2010).
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such as SDG8 (decent work and economic growth) and SDG9 (industry, innovation
and infrastructure) (CGAP 2018) (Chap. 1 Vol. 1).
Fostering partnerships and international cooperation to secure FDIs and ODA can
be an initial step towards more transformative change. In particular, successful
sustainability interventions and investments in Africa would require both the thorough understanding of regional and local contexts (for which local stakeholders are
indispensable) (Asiedu 2006) and the know-how, technical capacity and development experience of international actors. To the extent possible, appropriate policies
should incentivize the development of foreign–local partnerships to raise and manage funding, as well as the adoption and transfer of technologies that are appropriate
to the local contexts (Chirambo 2016). For example, cooperation plans such as the
China–Africa Cooperation Beijing Action Plan (2019–2021) could provide financing for economic sectors related to energy and agriculture (FOCAC 2018). However,
such partnerships should promote the financial inclusion of the local workforce and
the training of a skilled workforce, in order to achieve broader societal benefits.
Apart from being relevant to many of the SDGs mentioned above (and throughout
this volume), fostering partnerships and international cooperation can directly contribute to the attainment of SDG17 (partnerships for the goals).
Stronger regional integration can boost the development of economies of scale,
large/stable markets and diversified goods and services (Chaps. 1 and 2 Vol. 1).
Regional integration
7 has been identified as one of the main factors for the observed
increase in FDI and ODA flows in Africa, despite the loss of momentum in global
mega-treaties and trade blocs (UNCTAD 2018). Conscious and coordinated efforts
that harmonize policies across regions, simplify processes and optimize entry costs
can in theory facilitate business growth and reduce barriers for attracting FDIs and
private sector involvement across borders. At the national level, policy integration
can reduce competition and the risk of conflict between countries, and at the same
time increase their cooperation.
Liberalization and deregulation processes can provide signals for broader economic transformation within individual countries. Such processes can become an
avenue for attract FDIs by speeding/simplifying relevant processes and reducing
opportunity costs (United Nations Economic Commission for Africa 2010). Liberalization and deregulation processes, nonetheless, require at least some minimal
governmental intervention through robust institutions that provide a conducive
investment environment, and monitor and enforce regulations (see above). Thus,
liberalization and deregulation policies should promote private investment and
co-participation, while simplifying overly bureaucratic processes and leveraging
7 Current regional integration processes in Africa include the Community for Sahel-Saharan States
(CEN-SAD), the Common Markets for Eastern and Southern Africa (COMESA), the Eastern Africa
Community (EAC), the Economic Community of Central African States (ECCAS), the Economic
Community of West African States (ECOWAS), the Southern Africa Development Community
(SADC), the Arab Maghreb Union (AMU) and the African Union (AU) (United Nations Economic
Commission for Africa 2010).
182
J. Lopes et al.