December 29, 2012

Genuine economic growth lies in the standard of living and quality of life of the majority of citizens, President Isaias underscores

Genuine economic growth lies in the standard of living and quality of life of the majority of citizens, President Isaias underscores

Asmara, 28 December 2012 – In an interview he conducted tonight with the national media outlets, President Isaias Afwerki underscored that genuine economic growth lies in the standard of living and quality of life of the majority of citizens. He further explained that such growth involves a number of factors vis-à-vis a set time span.

The interview conducted on the occasion of the New Year 2013 dealt with domestic, regional and international issues.

In connection with the progress registered in the implementation of national development programs within the context of objective growth yardsticks, as well as the state of the national economy and its future prospects, the President elucidated that growth in national economies and the appropriate measurements thereof vary from one another. As such, attempts to apply common yardstick in this regard and giving it a concocted statistical data is but meaningless, he elaborated.

President Isaias stressed that the real indicators of economic growth comprise investment in material and resource assets, quality and quantity of human resource, natural resources, technology, creativity and innovativeness, administration and management, economic interrelation and internal stability. In this connection, he underlined that proper scrutiny and evaluation should be applied in evaluating people’s standard of living and quality of life.

Moreover, the President noted that sustainability is a major attribute of genuine economic growth, and that the yearly statistical reports compiled by various international organizations annually are based on speculations and aimed at serving vested political interests. Hence such accounts should be dismissed outright, he added.

Regarding endeavors being exerted to encourage investment by nationals, President Isaias underlined that the government is striving to lay the necessary groundwork in all sectors, besides encouraging potential investors.

Pointing out that there existed no constraints policy wise in this regard, he disclosed that shortcomings were witnessed at the implementation level, and that ample experience has already been acquired. The President emphasized the need for enhancing the level of investor awareness and then proceeding to viable programs so as to promote the private sector.

In connection with existing malpractices in land use and management, he emphasized that the Government would take the necessary measures to do away with such prevailing scenario, and called on nationals to immediately refrain from illegal practices.

Furthermore, President Isaias gave detailed briefings as regards the implemented and charted short, medium and long-term national programs, infrastructure development, housing and energy supply, as well as the sectors of manufacturing, agriculture, fishery resources and mining.

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