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Tuesday, 21 May 2013

Germany to play role in integration of African economies

Germany wants to invest in Africa, German Foreign Affairs Minister Guido Westerwelle said at the end of last month, during a visit in South Africa, which was part of Germany’s strategic approach to seek opportunities on the continent (including in science and research).
Westerwelle added that Germany is eager to play a role in driving the integration of Africa’s economies as well as ensuring that the continent resolves its leadership challenges on its own terms. He believes that investment was the "best and most sustainable answer" for the integration of African economies with each other and with Germany.
Germany is South Africa’s third-largest trading partner and second-largest investor. It is also the third-largest tourism market for South Africa. Trade between the two nations currently stands at about €14bn.
The two countries have engaged in cooperation in science and technology as well as the health, information and communications technology and energy sectors. They also launched the Year of Science partnership in South Africa last year.
In his visit in Africa, Westerwelle visited also Ghana and Mozambique.

Eurozone and other western countries are reported to looking to invest in Africa where returns are still high. For example, providing 6% interest last year, Zambia’s euro-denominated bond was higher than any debt issued by a western government in years.

Source: Business Day (South Africa)