Johannesburg — Key to the success of the New Economic Partnership for Africa's Development (NEPAD) is the speeding up and promotion of regional integration on the continent.

Minister of Trade and Industry Mandisi Mpahlwa, outlined this imperative, during his keynote address at the NEPAD Projects conference in Johannesburg, Monday.

The minister explained the importance of regional trade and foreign direct investment (FDI) in Africa, adding that the rest of the world has realised that "an economically healthy Africa is essential for the well-being and stability of the global economy.

"The challenges facing Africa are well documented. We know that we need to attract FDI to promote wider economic development, to develop our skill base, to promote intra-Africa trade, and to build productive capacity across the continent."

Mr Mpahlwa highlighted that investment in infrastructure along with the creation of stable business environments, which included government adherence to the rule of law and respect for human rights, were key to attracting FDI.

The minister said South Africa is to date the biggest investor in Africa and hoped other countries would follow suit and try to challenge South Africa for this position.

"Africa also needs to pick up the pace of its industrialisation," he said, adding it has become increasingly important to "broaden and deepen the scope of economies in Africa."

Intra-African trade along with private-public cross border partnerships will benefit the continent greatly with emphasis falling on the promotion of sourcing products and services from within the continent, instead of importing items from other parts of the world.

The minister commented on the African Peer Review Mechanism (APRM) saying it was a process by which countries "could look for best practices so that they could be shared broadly. It also helps us to identify common threats and allows us to ask how best to deal with these commonalities on the continent."

NEPAD is a strategic framework for the socio-economic development of the African continent based on realising the vision of an African Renaissance.

Its primary objectives are eradicating poverty, the placement of African countries on a path to sustainable growth and development, to halt marginalisation of Africa in the globalisation process and enhance its integration into the global economy, and to accelerate the empowerment of women.

The minister noted that regional integration was the building blocks upon which NEPAD could operate, and stated that "the pace of regional integration remains a concern.

"We need to look at how to accelerate this [integration] in order to improve NEPAD's implementation."

The minister concluded by saying tomorrow belongs to those people who prepare for it today.