Africa presents huge opportunities for emboldened private equity and venture capital investors seeking superior returns outside western markets, but governments and companies must take action if investment is to flourish and growth potential achieved, industry executives and government officials said.

Speaking on a panel discussion Wednesday during the African Investment Forum, Colin Coleman, a managing director of Goldman Sachs International in South Africa, said buyout and venture capital firms are looking outside traditional borders after two years of financial crisis diminished traditional investment opportunities. There's no shortage of capital that could be directed to suitable projects in Africa, he noted.