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

Karzai's Legacy: Missed Opportunities?

Afghanistan's president leaves behind a much different nation than the one he inherited, yet his legacy from 13 years in power is getting mixed reviews More

Secret Service Chief Under Fire for White House Security Breach

Julia Pierson faces tough questions from lawmakers after recent intrusion at White House, says: 'It is clear that our security plan was not executed properly' More

Frustrated, Liberian Students Want Ebola Fight Role

Thousands have volunteered to go to counties, rural villages to talk to people in their language about deadly virus More

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

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Malaysia Struggles to Stop People Joining Jihadi
X
Mahi Ramakrishnan
September 30, 2014 2:16 PM
Malaysian authorities say militant groups like the so-called "Islamic State" have used social media to entice at least three dozen Malaysian Muslims to fight in what they call "jihad" in Syria and Iraq. As Mahi Ramkrishnan reports from Kuala Lumpur, counterterrorism police are deeply worried about what could happen when these militants return home.
Video

Video Malaysia Struggles to Stop People Joining Jihad

Malaysian authorities say militant groups like the so-called "Islamic State" have used social media to entice at least three dozen Malaysian Muslims to fight in what they call "jihad" in Syria and Iraq. As Mahi Ramkrishnan reports from Kuala Lumpur, counterterrorism police are deeply worried about what could happen when these militants return home.
Video

Video Could US Have Done More to Stop Rise of Islamic State?

President Obama says airstrikes against Islamic State militants in Syria will likely continue for some time because, in his words, "there is a cancer that has grown for too long." So what if President Obama had acted sooner in Syria to arm more-moderate opponents of both the Islamic State and the Syrian government? VOA State Department Correspondent Scott Stearns reports from the United Nations.
Video

Video Treasure Hunters Seek 'Hidden Treasure' in Central Kenya

Could a cave in a small village in central Kenya be the site of buried treasure? A rumor of riches, left behind by colonialists, has some residents dreaming of wealth, while others see it as a dangerous hoax. VOA's Gabe Joselow has the story.
Video

Video Iran's Rouhani Skeptical on Syria Strikes

Iranian President Hassan Rouhani expressed skepticism Friday that U.S.-led airstrikes in Iraq and Syria could crush Islamic State militants. From New York, VOA’s Margaret Besheer reports the president was also hopeful that questions about Iran’s nuclear program could be resolved soon.
Video

Video US House Speaker: Congress Should Debate Authorization Against IS

As wave after wave of U.S. airstrikes target Islamic State militants, the speaker of the Republican-controlled House of Representatives says he would be willing to call Congress back into session to debate a formal, broad authorization for the use of military force. VOA’s Michael Bowman reports from Washington, where legislators left town 10 days ago for a seven-week recess.
Video

Video Ebola Patients Find No Treatment at Sierra Leone Holding Center

At a holding facility in Makeni, central Sierra Leone, dozens of sick people sit on the floor in an empty university building. They wait in filthy conditions. It's a 16-hour drive by ambulance to Kailahun Ebola treatment center. Adam Bailes was there and reports on what he says are some of the worst situations he has seen since the beginning of this Ebola outbreak. And he says it appears case numbers may already be far worse than authorities acknowledge.
Video

Video Identifying Bodies Found in Texas Border Region

Thousands of immigrants have died after crossing the border from Mexico into remote areas of the southwestern United States in recent years. Local officials in south Texas alone have found hundreds of unidentified bodies and buried them in mass graves in local cemeteries. Now an anthropologist and her students at Baylor University have been exhuming bodies and looking for clues to identify them. VOA’s Greg Flakus has more from Waco, Texas.
Video

Video Ebola Robs Liberians of Chance to Say Good-Bye to Loved Ones

In Liberia, where Ebola has killed more than 1,500 people, authorities have worked hard to convince people to allow specialized burial teams to take away dead bodies. But these safety measures, while necessary, make it hard for people to say good bye to their loved ones. VOA's Anne Look reports on the tragedy from Liberia.
Colonel Steve ‘Spiros’ Pisanos left Greece and came to the U.S. to learn to fly. He flew fighters for the Allies in World War II, narrowly escaping death multiple times.Colonel Steve ‘Spiros’ Pisanos left Greece and came to the U.S. to learn to fly. He flew fighters for the Allies in World War II, narrowly escaping death multiple times.

AppleAndroid