News / Africa

    Africa Welcomes China Investment

    Chinese technicians operate drilling equipment on an oil rig in Paloich, southern Sudan, Nov 17, 2010
    Chinese technicians operate drilling equipment on an oil rig in Paloich, southern Sudan, Nov 17, 2010
    Lisa Schlein

    African Development Bank Chief Economist Mthuli Ncube says Africa welcomes investment from China as it does from other sources.  Ncube is attending the World Economic Forum in Davos, Switzerland.    

    African Development Bank Chief Economist Mthuli Ncube says China's long-standing political relationship with Africa is increasingly giving way to an economic relationship.  

    He says China has become a valuable partner in many ways and that China is willing to play a role in stimulating investment, which Africa sorely needs.  In addition, he says China is beginning to play a larger role in providing humanitarian aid to poor African countries.

    China is often criticized for allegedly plundering African resources without regard for the welfare of the workers and the society.  Ncube says there is some truth to these assertions.  He believes China should do more to create partnerships with local communities.

    "But, I think really largely the investments have been positive," said Ncube.  "They have created jobs and I welcome these new industrial parks.  But also I advise them that it is important for foreign investors to work at these joint ventures is a way of stimulating local innovation."  

    When it comes to greed and exploitation of Africa, Ncube says there is a lot of blame to go around.  For a long time, he notes multinationals have been spiriting resources out of Africa through clever tax arrangements and through myriad subsidiaries around the world.

    "Figures vary from $80 billion to $100 billion," Ncube added.  "It is a lot of money.  For me, and that is a very big issue, that is happening - it is being carried out by traditional companies that operate in Africa from the West.  So, I am less worried about Chinese investments in terms of political issues.  Africa just needs more investments."  

    Ncube says he sees Africa as the next frontier in terms of investment.  He says he is disappointed in the global leadership.  He says the G-20 countries still view Africa as residual, rather than being part of the solution in helping to boost the world economy.

    He notes several of the 10 top performing countries around the world are in Africa.  He says African countries are moving slowly, but economies in the region are growing.  He says it is not clear whether Africa will be the next China, but it is moving in the right direction.  

    "It probably will not be moving at the speed and with the harmony and focus that China moves," explained Ncube.  "But, we have got to have a concerted effort about 54 countries working slowly together and sometimes not working so well.  And, the countries are also different from region to region.  But, I am saying largely yes, it is the last frontier.  It is an investment opportunity.  In my view, it is a piece of the world that ought to be at the core of our thinking around global economic growth."  

    The African Development Bank is located in Tunis.  So, Ncube, who is based there, has had a birds-eye view of the discontent that led to the overthrow of Tunisia's authoritarian ruler.

    He says the events in the Magreb have focused attention on the need to address youth unemployment.  He warns governments that do not practice a form of democracy and are mired in corruption are also vulnerable to being toppled.

    He says good governance and transparency are important for stability.  He says governments must put greater effort into creating jobs for young people.

    You May Like

    Saudi Arabia’s New Female Politicians in the Other Room 

    Many in Saudi Arabia say elected representatives should share unsegregated spaces; according to a recent survey, more than half the Saudi population, both men and women, prefer to work in a segregated place

    Russia Not ‘Apologetic’ for Syria Airstrikes

    With Moscow criticized for targeting armed opponents of President Assad, Russia’s UN envoy says his country ‘acting in a very transparent manner’

    Pakistan Warns of Islamic State's Growing Reach

    Aftab Sultan, General Director General of Intelligence Bureau (IB), briefed Senate Committee in closed hearing, saying that IS-linked groups have been expanding in Pakistan

    This forum has been closed.
    Comments
         
    There are no comments in this forum. Be first and add one

    By the Numbers

    Featured Videos

    Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
    Russia's Car Sales Shrink Overall, But Luxury and Economy Models See Growthi
    X
    February 10, 2016 5:54 AM
    Car sales in Russia dropped by more than a third in 2015 because of the country's economic woes. But, at the extreme ends of the car market, luxury vehicles and some economy brands are actually experiencing growth. VOA's Daniel Schearf reports from Moscow.
    Video

    Video Russia's Car Sales Shrink Overall, But Luxury and Economy Models See Growth

    Car sales in Russia dropped by more than a third in 2015 because of the country's economic woes. But, at the extreme ends of the car market, luxury vehicles and some economy brands are actually experiencing growth. VOA's Daniel Schearf reports from Moscow.
    Video

    Video Civil Rights Pioneer Remembers Struggle for Voting Rights

    February is Black History Month in the United States. The annual, month-long national observance pays tribute to important people and events that shaped the history of African Americans. VOA's Chris Simkins reports how one man fought against discrimination to help millions of blacks obtain the right to vote
    Video

    Video Jordanian Theater Group Stages Anti-Terrorism Message

    The lure of the self-styled “Islamic State” has many parents worried about their children who may be susceptible to the organization’s online propaganda. Dozens of Muslim communities in the Middle East are fighting back -- giving young adults alternatives to violence. One group in Jordan is using dramatic expression a send a family message. Mideast Broadcasting Network correspondent Haider Al Abdali shared this report with VOA. It’s narrated by Bronwyn Benito
    Video

    Video Migrant Crisis Fuels Debate Over Britain’s Future in EU

    The migrant crisis in Europe is fueling the debate in Britain ahead of a referendum on staying in the European Union that may be held this year. Prime Minister David Cameron warns that leaving the EU could lead to thousands more migrants arriving in the country. Meanwhile, tension is rising in Calais, France, where thousands of migrants are living in squalid camps. VOA's Henry Ridgwell reports.
    Video

    Video Valentine's Day Stinks for Lebanese Clowns

    This weekend, on Valentine's Day in Lebanon, love is not the only thing in the air. More than half a year after the country's trash crisis began, the stink of uncollected garbage remains on the streets. Step forward "Clown Me In," a group of clowns who use their skills for activism. Before the most romantic day of the year the clowns have released their unusual take on love in Lebanon -- in a bid to keep the pressure up and get the trash off the streets. John Owens reports from Beirut.
    Video

    Video Families Flee Aleppo for Kurdish Regions in Syria

    Not all who flee the fighting in Aleppo are trying to cross the border into Turkey. A VOA reporter caught up with several families heading for Kurdish-held areas of northern Syria.
    Video

    Video Rocky Year Ahead for Nigeria Amid Oil Price Crash

    The global fall in the price of oil has rattled the economies of many petroleum exporters, and Africa’s oil king Nigeria is no exception. As Chris Stein reports from Lagos, analysts are predicting a rough year ahead for the continent’s top producer of crude.
    Video

    Video 'No Means No' Program Targets Sexual Violence in Kenya

    The organizers of an initiative to reduce and stop rape in the informal settlements around Kenya's capital say their program is having marked success. Girls are taking self-defense classes while the boys are learning how to protect the girls and respect them. Lenny Ruvaga reports from Nairobi.
    Video

    Video Chocolate Lovers Get a Sweet History Lesson

    Observed in many countries around the world, Valentine’s Day is sometimes celebrated with chocolate festivals. But at a festival near Washington, the visitors experience a bit more than a sugar rush. They go on a sweet journey through history. VOA’s June Soh takes us to the festival.
    Video

    Video 'Smart' Bandages Could Heal Wounds More Quickly

    Simple bandages are usually seen as the first line of attack in healing small to moderate wounds and burns. But scientists say new synthetic materials with embedded microsensors could turn bandages into a much more valuable tool for emergency physicians. VOA’s George Putic reports.
    Video

    Video Researchers Use 3-D Printer to Produce Transplantable Body Parts

    Human organ transplants have become fairly common around the world in the past few decades. Researchers at various universities are coordinating their efforts to find solutions -- including teams at the University of Pennsylvania and Rice University in Houston that are experimenting with a 3-D printer -- to make blood vessels and other structures for implant. As VOA’s Greg Flakus reports from Houston, they are also using these artificial body parts to seek ways of defeating cancerous tumors.
    Video

    Video Helping the Blind 'See' Great Art

    There are 285 million blind and visually impaired people in the world who are unable to enjoy visual art at a museum. One New York photographer is trying to fix this situation by making tangible copies of the world’s masterpieces. VOA correspondent Victoria Kupchinetsky was there as visually impaired people got a feel for great art. Joy Wagner narrates her report.
    Video

    Video German Artists to Memorialize Refugees With Life Jacket Exhibit

    Sold in every kind of shop in some Turkish port towns, life jackets have become a symbol of the refugee crisis that brought a million people to Europe in 2015.  On the shores of Lesbos, Greece, German artists collect discarded life jackets as they prepare an art installation they plan to display in Germany.  For VOA, Hamada Elrasam has this report from Lesbos, Greece.
    Video

    Video E-readers Help Ease Africa's Book Shortage

    Millions of people in Africa can't read, and there's a chronic shortage of books. A non-profit organization called Worldreader is trying to help change all that one e-reader at a time. VOA’s Deborah Block tells us about a girls' school in Nairobi, Kenya where Worldreader is making a difference.