Chinese investment 'geese' flocking to transform Africa
This ugly process is still the only way countries can escape poverty
African industrialisation has to be one of the most important things happening in the world right now. The continent, with more than 1.2-billion people, is home to an increasing fraction of people who are still mired in extreme poverty: By 2030, the World Bank projects that almost all those in extreme poverty will live in Sub-Saharan Africa. The reason is twofold. First, Africa's population is growing rapidly. Second, Africa has lagged in the industrialisation necessary to generate mass employment. The lack of strong, stable governments - a legacy of colonialism - has made it difficult to provide the education and infrastructure that help prepare countries for the leap from subsistence farming to factory work. Well-meaning Western aid and international development agencies couldn't fill the gap. Meanwhile, nations in East Asia and Southeast Asia became the world's factories before Africa did. But late doesn't mean never. Rising labour costs in China and the threat of US tariffs are ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.