Growth Important for Democracy in South Africa

Tuesday, 10 Jun 2014 07:28 AM

By Matthew Klynsmith

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
South Africa has been ranked the 13th most attractive destination for foreign direct investment according to the 2014 foreign direct investment confidence index released last week by global management consulting firm AT Kearney.

The United States retains its spot at No. 1 followed by China then Canada. Increased interest and investment into Africa as a continent has been boosted by continuous findings of oil, natural gas, and other minerals in countries such as Uganda, Kenya, Angola Nigeria and Mozambique.

Africa Economic Outlook found that “Africa's macroeconomic prospects remain favorable. In 2013, Africa maintained an average growth rate of about 4 percent. This compares to 3 percent for the global economy and underscores again the continent's resilience to global and regional headwinds. However, growth performance varied widely across country classifications and regions.”

Africa stands as the final frontier, a constellation of emerging economies and untapped markets. South Africa’s role as the point of entry and hub for business going into Africa has gained momentum with local financial service providers expanding their presence and leading the way to the rest of the continent.

While President Jacob Zuma calls for economic transformation, I don’t believe it is suited to his transitory leadership style. Perhaps the focus should be on reinforcing South Africa’s role in this global economic trend. He can only ride this wave for so long before other African countries drop in and fill this position.

An example of this would be Kenya’s $14.5 billion information technology hub, called Konza Technology City, outside Nairobi paving the way for a hub into East Africa’s consumer markets.

With developments like this I hope to see South Africa’s government stepping out of their inherited comfort zone and further developing the country’s infrastructure and relationships that will facilitate the private sectors growth to encompass multinational business prospects with emphasis on the rest of Africa.

To read more on foreign direct investment into South Africa and the AT Kearney survey follow these links: SA a popular choice for foreign investors, SA rated more highly as a home for investment.

Matthew Klynsmith earned a business administration diploma at CTI in Cape Town, South Africa. He now works at Strategic Options as an associate partner. To read more reports from Matthew Klynsmith, Go Here Now.
 

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

US, China Compete for South Africa Business

Monday, 18 Aug 2014 08:59 AM

When comparing the state of US investment in Africa against China's investment in Africa, it is important to not only fo . . .

Obama Pledges Support for Businesses in South Africa

Monday, 11 Aug 2014 10:36 AM

US-Africa collaboration creates the potential for exciting new business prospects. . . .

US-Africa Summit to consider Clinton's trade incentive

Monday, 04 Aug 2014 10:08 AM

The August 4-6 U.S.-Africa summit sees 50 African presidents and prime ministers gathering in Washington this week. . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved