New scramble for Africa good for FDI – Economic expert
By Mike Sebalu
Local development analysts are optimistic that the growing competition for influence over Africa by global powers, especially the US, China, and Russia is impetus for increased Foreign Direct Investment (FDI).
This comes as US Vice President, Kamala Harris embarks on a week-long tour of the African continent in what is being seen as the latest attempt at countering Russia and China’s influence.
According to Prof Augustus Nuwagaba, an international consultant on economic transformation and a wealth creation expert in Africa, this flurry of visits by top figures in the US administration reflects a growing awareness that the US needs to deepen its engagement with the continent.
He tells KFM that Africa now presents one of the greatest opportunities in the global economic system where foreign direct investment is likely to yield more returns with cheap labour overtaking China.
Harris’ tour comes on the heels of another by the US Secretary of State Anthony Blinken, and later in the year, the president himself is expected to come.
During her tour, she is expected to visit Ghana, Tanzania and Zambia as she focuses on economic development, climate change, food security and a rising youth population.
After meeting with women entrepreneurs in Accra, she will then stop by a tech incubator in Dar-es-Salaam.
In Lusaka, Zambia’s capital, Harris is expected to meet with business and philanthropic leaders to talk about expanding access to digital and financial systems.
