Despite their dwindling influence, Western countries continue investing in Africa. But Russia, China and others have been catching up. Is Africa finally able to dictate its own terms in attracting foreign investment?
An abundance of natural resources, a young population eager to work, and cross-border economic reforms have positioned Africa as a global player in trade and commerce in the 21st century.challenged by China and Russia. Nevertheless, dollars and euros continue to flow into sectors like agriculture, energy and rare earth minerals, which are witnessing major growth.
"You see countries like India exerting themselves, you see countries like Saudi Arabia exerting themselves, you see countries like China, which is arguably the biggest external player in Africa," he explained from his office in Cape Town.
According to UN figures, foreign direct investment in Africa reached a record $83 billion in 2021.From oil to infrastructure to agriculture, there's beeb growing interest in Africa, especially in light of major global events. He adds, however, that there is also a shift in Western investment to oil and gas opportunities on the continent, which he only expects to grow.
This is hardly a"win-win" situation for all involved, as transactions between Africa and other governments continue to be marred by such recurring accusations of exploitation on various levels. "High risk means high returns, so when an investor lends money to an organization in Africa, even banks, they will lend it at an interest rate that they can't even get away with it."
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