Photo: Frontier AdvisorySeven out of the 10 fastest growing economies in the world are African. Since 1999 economic growth in Africa has been strongly coupled with the Chinese growth pattern, which coincides with the implementation of China’s new Africa policy.
Where the “West” sees a poor underdeveloped region, many Chinese view Africa as a continent with possibilities for business expansion and an emerging market. Traditional donors, such as Norway, need to “seek innovative areas of collaboration that move beyond the donor/development partner approach”, Davies said.
Davies argued that Chinese outbound investments to industries in Africa are fueling growth on the continent by providing capital and stimulating trade. Particularly is the establishment of Special Economic Zones in various African nations beneficial to industrial development and diversification of African economies, as well as the massive roll out of infrastructure projects.
Although the Chinese approach poses some challenges, Norway’s Minister of Environment and International Development, Erik Solheim, is by and large positive to China’s increasing involvement in Africa. He hopes Norwegian businesses also will begin to view Africa as an attractive market for investment and doing business. We need to move away from viewing Africa as a helpless victim, and instead see the business opportunities available, he stated.