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US&China's Quest for Africa

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저작자 미상 (저작물 2267374 건)

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공표년도

창작년도

2009-11-20

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The world's largest economy versus the world's fastest-growing major economy.
The two countries are co-dependent in many ways and they are also after the same goal: Africa.
As the African continent rises as one of the most prominent investment sites both US President Barack Obama and his Chinese counterpart‚ Hu Jintao are on a 21st century version of the Gold Rush or rather the Africa Rush.
The US President‚ as the son of a Kenyan‚ won the hearts of Africans as soon as he took office.
This year alone Obama has made a visit to Ghana and Egypt while Secretary of State Hillary Clinton just recently completed a seven-nation African tour.
However‚ China has been catching up and now plays Africa's favorite by constantly reaching for its pocket.
Even when the US leader was on a visit to China the country's economic leaders were just returning from Egypt after a two-day China-Africa Cooperation forum where Premier Wen Jiabao pledged 10-billion US dollars in loans to Africa.
The bilateral trade between China and Africa has risen by ten-fold in the past decade to more than 1-hundred-7-billion US dollars and China's foreign direct investment in Africa is up nearly 80-percent.
China has also been actively sealing deals with African countries mostly buying natural resources and providing loans and building infrastructure in return.
The Obama administration has also backed a 3.5-billion-US-dollar hunger and food security initiative much of which is intended for Africa but analysts say Obama's Africa strategy is yet to be solidified especially when compared to the previous administration's heavy investment in the hunger-stricken continent.
There is no doubt that Africa is full of opportunities and potential but it does not come without challenges.
Poverty‚ corruption and instability leave the Africa Rush a risky game.
Who the winner will be in this quest or if there will be a winner at all or the US and China will choose the collaboration path and both become winners remains to be seen.
Moon Conn-young‚ Arirang News.
Reporter : jenmoon@arirang.co.kr

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