Africa is now positioning itself as a major business opportunity for overseas investors, more about http://centthor.com/wp-content/plugins/testimonials-widget/includes/requirements.php according to the Institute of Chartered Accountants in England and Wales (ICAEW)’s latest Economic Insight report.
Where aid was the traditional source of finance, viagra approved the continent is now seeing a dramatic five fold increase in FDI, no rx with Nairobi topping the list as the most attractive destination.
Launched on Wednesday, the Economic Insight: Africa Q3 2015 report commissioned by ICAEW and produced by the Centre for Economics and Business Research Ltd (Cebr), provides a snapshot of the region’s economic performance focusing specifically on Kenya, Tanzania, Ethiopia, Nigeria, Ghana, Ivory Coast, South Africa and Angola.
According to the report, and drawing on estimates prepared by the World Bank, the total level of external financial inflows into Africa has increased from $40.4 bn in 2000 to $192 bn in 2013.
This is largely attributed to the inward FDI from China with investment mainly going into primary resource sectors and infrastructure.
Michael Armstrong, Regional Director, ICAEW Middle East, Africa and South Asia, reveals that China has approached African economies in a very different way to Europe, focusing less on official aid and engaging more aggressively through foreign direct investment and trade.
“This has been a game changer for the development industry, forcing European countries to rethink their strategy of connecting with the continent,” he added.
Thanks to resource wealth, West Africa and Southern Africa are leading the way, attracting the majority of FDI; although East Africa is catching up.
While the latter region currently has the lowest level of African foreign development investment inflows at $6.8bn, its share grew at a rate of 11% between 2013 and 2014.
Despite this low level of investment overall, Nairobi still tops the list as Africa’s most attractive destination for FDI.
This is predominantly motivated by the fast-growing middle class that is setting the stage for a booming consumer market.
According to Danae Kyriakopoulou, ICAEW economic adviser and the report’s author, while economic development naturally varies across the continent, Africa’s regional outlook as a whole remains bright with a number of projects expected to bolster growth.
The report also shows that Kenya remains the star performer in East Africa with GDP growth close to 6.5% in the next three years
It further shows, GDP forecast at 7.2% in Tanzania in 2015, supported by loose fiscal policy in anticipation of the election year.
Kampala Metropolitan Police has rebutted reports that Gazaland Mall in downtown Kampala last evening caught fire while traders were locked in their shops.
The Police spokesperson, abortion http://circleofliferediscovery.com/blog/wp-content/plugins/jetpack/modules/module-info.php Patrick Onyango revealed today that what appeared as fire was just a reaction from mixing chemicals inside the mall at the time.
“Last night a minor incident happened in Gazaland were chemicals that were being mixed by a young man smoked. Together with other shop attendants, they tried to pour water on the chemicals which produced a lot of smoke,” Onyango explained.
Onyango said that police arrived in time and successfully managed the situation with help from the traders.
“Nobody suffocated; there were no injuries, no deaths or loss of property apart from the mixed chemicals that were wasted.”
Onyango observed that police didn’t find any charge against the young man who was only identified as Mubiru.