this is business africa. welcome and we start in ghana where the third german african business summit kicked off today among those attending is german development minister get earlier today he toured a textile factory that started exporting to germany. it was there and filed this report. clothing manufactured in ghana and destined for exports this factory in the capital x. employs some fifteen hundred people you know ready felt that swears i mean i should state this year for the first time to export to germany. the business exemplifies what's become a growing international interest in the possibilities of textile money factoring in africa. has great potential especially in the area of textile production. so the first few very important

steps have been taken. the investment conditions are right. the stable government and a growing economy have prompted great interest from european and german companies to forge new cooperations here. so to have the low wages employees here are paid a base salary of one hundred euros per month additional pay is based on their output as labor costs and more stoppage locations rise countries like ghana are attracting the attention of international investors for the country's youthful population it's a chance to get their foot in the door. this is very important very very important because we have. a very high unemployment in this country so having this are cheap housing. it's good but setting up shop in the country isn't always plain sailing business leaders lists high interest rates and

difficulty accessing capital are some of the main stumbling blocks. reporter who joins us now from. hope for an economic boom for africa for decades this is now finally happening. well it is not currently happening but it appears that foundations i've been late to hop in we've seen many afghan countries trying to move into the manufacturing sector for example ghana is trying to do exactly that and asked how come we have a lot of kompany is coming in from euro especially in germany to hold the government achieve this in ghana us government already has a plan of one district one factory which is just to ensure that the manufacture sets are thriving so that we can have enough jobs for young people and then obviously the economy booms. in your report we've just seen an african company

that's exporting to germany and the us the central text home in a factory is currently in. shift from places like bangladesh to africa. is actually because ghana used to be a country that really. textile industry then we had issues with. piracy coming in where pirated textiles were coming in from china and so ghana ganis industry really struggled but we have beginning to see every viable of that way the incoming of some companies from europe and the government obviously giving them the incentive to come in and establish because we have that base yeah and the raw material is also here in ghana is full for this to happen and so yes it is one critical area and put a lot of young people back to jobs because many of them are unemployed and with their schools in this sector obviously we should have africa.

in the coming years. briefly if you can unemployment may be down but the growing problem populations could be a problem briefly if you. yes it is an issue that a. few. all right over for it we lost the line has gone down apologize for that. growth in many african countries is solidly in the green the international monetary fund is warning of a possible economic storm has global growth undershoot expectations speaking at the world government summit in dubai chief christine legarde said the world economy was growing more slowly than anticipated god decided trade tensions and tariff escalations uncertainty over breaks it and the slowdown of the chinese economy as reasons for the current weakness last month the i.m.f.

lowered its global economic growth forecast for this year from three point seven percent to three point five. billion our financial correspondent live in frankfurt only trade tensions were of course on the i.m.f. list of warnings negotiations between the u.s. and china restarting this week today actually how much hope is there that both sides can actually strike a deal before the march one deadline runs out. i think there's still hope and i think there's still a lot of hope the markets all over the world. were hoping for that and you can see it by moderately positive outcomes and it's also in other corners that you see some optimism because there's so much at stake for both sides with the president in the united states he's looking at markets which had been in turmoil and part of that was of course advised over tensions and trade and he wants to keep the markets up

it's his market he's said once and also there's musings of a possible recession in the united states in the year two thousand and twenty next year election time for the president and many others of course and for the chinese their growth has been downgraded to and there's so much at stake also in terms of political stability in that country so there is hope and i think the deadline march first if there's so much invested in talks now it's always possible that there can be another deadline of trump and she and china are really interested in talking about political stability that the i.m.f. also pointed to growing problems in europe apart from brakes it's one of those. well when you look at the germany growth has been downgraded their friends president micro has a lot of trouble with sheila shown the yellow vests and with resistance severe resistance to his reform plans and just now at the meeting of the euro finance

ministers the slovakian finance minister was criticizing italy and warning them it is of the highest importance that you get your finances in order because of all the risk there and something that was reiterated also by the e.u. . vice president on brusque is because there is otherwise perhaps going to be a lack of confidence in that country's financial stability so there are other countries in europe as well with. problems in a balanced and frank thank you for this notice. was then europe and the look of britain where prime minister answer is i'm a has we've jumped at the idea of creating a new customs union with european union foreign coldwater one hopes from some that she could shift her brakes of policy to win over the opposition labor party the idea of a customs union that would keep trade easements in place even after britain's withdrawal from the you had earlier also been proposed by

a group of leaving germany economists. these signatures offer a little bit of security in stormy times or so it's hoped a new trade pact between britain and switzerland will define their post break that relationship that's important because until now trade between the two economies has been governed by e.u. rules the new contract says the relationship will remain the same even if britain leaves the e.u. without a deal a welcome status quo in times where breaks it is just one of several sources of uncertainty. interconnected global economy if the chinese economy can slows down with seven point six percent drop in chinese imports in q four or twenty eighteen that's likely to have an impact on the major exporting western economies we've seen for example in the don't greeting of german growth projected for the next year so the idea that the brics it is the only factor affecting the global economy is. is just to miss the point economists and business leaders are in

fact quite alarmed the economic climate that is the state of the economy in their eyes is the worst it's been in seven years that according to a survey of experts from more than one hundred twenty countries the fear is that consumers will rein in their spending and that companies would therefore invest less world trade would suffer not the best time for braggs it. a study by germany's live in its institute for economic research warns that in no deal brags it would in danger one hundred thousand german jobs especially in car manufacturing france could see fifty thousand jobs disappear even more in china globally about six hundred thousand jobs are considered to be at stake. the consequences for the u.k. are also coming into focus a study by the london school of economics shows that many british firms have already shifted operations to the e.u. british investment the block has risen twelve percent since

a break that referendum in two thousand and sixteen a rise of some ten billion euros. trade talks back on the way between the u.s. and china giving a boost syria european stocks today u.s. deputy trade representative jeffrey garish is in beijing for discussions with chinese officials these will pave the way for more high level talks ledgers a leak both sides hope to secure a trade agreement ahead of the march first deadline that's when u.s. tariffs on two hundred billion dollars worth of chinese imports are set to climb from ten to twenty five percent increasing tensions between the u.s. and china already cost both countries billions of dollars you have disrupted his trade globally. australia has signed a production contract with french ship group for a fleet of twelve new submarines worth more than thirty five billion dollars this off a two year wrangle over all the world's most lucrative military contracts

a friend in prime minister scott morrison and french defense secretary flossy signed the deal australia selected the french builder in twenty sixteen over offers from japan and germany fund of contracts were delayed amid cost blowouts and production delays as plainly as twelve new submarines are central to the plan that has found its military could. interests in the asia pacific which is. that so africa business are bad for more. website that's for sure w. dot com slash business. that's up next right after this quick check on global markets the for.

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this is the that we do is live from the islamic republic of iran turns forty thousand. the streets many have little to celebrate for decades after the came to power we consider the impact of us such. a small act of defiance is a crime to shout it out for not covering her head. confront the cleric that's not everything the religious establishment. also on the program. freedom for football or hockey.