The current financial crunch in the United States will eventually affect economic growth in Africa, Ugandan Finance Minister Ezra Suruma said Tuesday, suggesting that African countries shift attention to Asian markets.
American and European people's purchasing power has been weakened by their countries' economic ailment, which will in turn dampen Africa's export, Suruma said at the annual meeting of the Eastern and Southern African Trade and Development Bank (PTA Bank).
Currently, many African exports to the United States and the European Union enjoy preferential treatment such as zero tariff and no quota restrictions.
Statistics showed Africa's export to the United States hit 67.4billion U.S. dollars last year.
Africa should explore new markets for its products, such as India, China and other Asian markets, Suruma proposed to other finance ministers attending the meeting.
Tumusiime Mutebile, governor of the Bank of Uganda, said last week that while the U.S. financial crisis may not deal an immediate blow to Uganda's economy in short term, it will affect investment and external assistance for the country in the long run.
The chairman of the PTA Bank's board of directors said it is important for member countries to take preventive measures against the crisis.
Source: Xinhua
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