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Africa‚ from Land of Poverty to Land of Investment

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저작자 미상 (저작물 2267374 건)

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공표년도

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2010-05-07

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Africa has long been associated with famine‚ poverty and conflict.
In 2007‚ the total sub-Saharan African economy of 48 countries was smaller than that of Korea.
Years of internal conflict‚ war and corruption have served as obstacles in translating its abundant natural resources into accumulations of wealth.
In recent years‚ however‚ there has been a wave of change and a wave of economic development on the African continent.
And‚ Dr. Nkosana Moyo‚ vice-president of African Development Bank says the driving force behind Africa's economic growth is largely the inflow of foreign direct investment.
A strong rise in FDIs to Africa began in 2002 reaching 53 billion US dollars in 2007 and showing more than a three-fold increase from 2004 levels.
Even according to recent estimates‚ while global FDI may have fallen by up to 20-percent in 2008 flows to Africa have remained resilient growing by 16.8 percent to 62 billion US dollars in 2008 despite the slowdown.
And‚ political stability and deterred corruption appear to have had a major impact on the FDI inflow.
The African economy showed a steady annual growth of more than 5-percent since 2002 in indirect proportion to the number of regional conflicts on the continent.
This‚ in part‚ is the result of various efforts made by each government.
Rwandan President Paul Kagame‚ for one‚ implemented economic reform focused on making a more hospitable business climate for foreign investors.
In consequence‚ the country was selected by the World Bank in 2009 as the most favored among its African counterparts to attract FDIs‚ as well as‚ being ranked as the "World's top reformer" in doing business.
Africa has indisputable merits attractive to foreign businesses such as a cheap labor force‚ abundant natural resources and its geographic advantage of being close to the European market.
And‚ although the continent does still have its risks and limitations from inflation‚ existence of conflict zones to its lack of technical skills Africa is‚ still‚ the land less-explored‚ the land with much potential and the land of vast opportunities.
This is the very reason why global investors are now eyeing the continent.
Moon Conn-young‚ Arirang News.
Reporter : jenmoon@arirang.co.kr

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