Australia to focus on investment in Africa, rather than aid
PERTH (miningweekly.com) – Rather than providing economic aid to African nations, the Australian government will encourage the private sector to invest in the region, and specifically in the mining sector.
Speaking on the last day of the Africa Downunder conference, Foreign Affairs Minister Julie Bishop said the Australian government had been working hard to strengthen trade and business investment partnerships with Africa.
The value of Australia’s trade with Africa grew to A$10-billion in 2014, up from A$7-billion in 2009, with Bishop noting that the mining industry was at the forefront of this charge.
“Africa is home to 30% of the world’s mineral resources and mining companies have been scaling up their investment in Africa for many years now. There are more than 200 ASX-listed companies with mining and exploration activities in Africa and these companies are involved in some 770 projects across 35 countries.”
She noted that the total value of Australia’s investment in the African resources sector counted "in the order of tens of billions of dollars", adding that the continent was now firmly imbedded in the global portfolio of several of Australia’s international-focused mining companies, as well as its mining, equipment, technology and services (METS) sector.
“Australia is a world leader in METS and can bring much-needed expertise to local operations overseas. In fact, many Australian companies in this sector identify sub-Saharan Africa as their top export destination.”
Bishop on Friday also announced the creation of a new advisory board – to be chaired by Woodside CEO Peter Coleman – which would inform the Australian government’s thinking and policies in Africa.
“The expansion of trade and investment links between Australia and Africa will continue to be underpinned by our investment in mining.
“Australia’s aid programme has been reshaped in line with our belief that the best way to help countries grow their economies and improve the living standards of their people is to focus on prosperity.
“Mining has made, and continues to make, a substantial contribution to economic development and poverty alleviation in Africa. And a well managed mining sector can help grant sustainable growth and poverty reduction,” Bishop said.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation