Business
Africa rising from the ashes
Over the past decade, Africa has grown fast and continuously — its economy expanded at an annual rate of more than 5 percent. That is almost three times faster than the decade before. Actually, the continent had never grown at that pace for that long.
Africa is the corner of the world where that declining U.S. influence is most evident. China is quickly becoming Africa’s largest trading partner. Over 1,500 Chinese-owned companies have set up shop in Africa, primarily operating in oil, gas, minerals, construction and transport.
More than US$50 billion has been committed in investments and US$15 billion in loans since 2005.
China is buying more of what Africa sells, and these commodities are getting pricier — good news for Africa.
The emergence of China as a major player in Africa (and the importance of Africa), has prompted many Western countries to change their strategies on the continent and emphasize the need for collaboration.
