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Africa: G20 Summit - 'A Disappointment for Africa'

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Wednesday, 07 September 2016

Africa: G20 Summit - 'A Disappointment for Africa'

"We have 10 times more direct investment in the European Union than we have in the whole of Africa," Chancellor Angela Merkel told leaders at the G20 summit. So could African countries benefit from the G20 meeting? Economic growth and international trade were the main talking points of the gathering of the world's 20 strongest economies in Hangzhou, China. While South Africa is the only African member of the G20, German Chancellor Angela Merkel spoke out on the topic of investment in Africa. "There is an urgent need for direct investment in African countries because this cannot be shouldered by official development aid alone," she said. DW talked to Robert Kappel, a researcher at the Global Institute of Global and Area Studies (GIGA), about Germany's economic interests in Africa. DW: Why hasn't there been enough foreign direct investment for Africa? Robert Kappel: First of all, the European Union's investment in Africa is really strong but in recent years, China is getting much more important and so are other countries. There is a hesitation on the European side regarding investment in Africa because of civil unrest, because of fragility and wars and in the past yearsonly a few countries benefited from stronger investment through enterprises. For instance, Ethiopia or Kenya and some countries in East Africa benefited more. The growth rates in some parts of the African continent are quite high, so it's beneficial for European investors to be on the ground and invest in those countries.

Source: allafrica.com