Africa needs foreign cash – Pitt
PERTH (miningweekly.com) – African nations have been urged to take a note from the Australian playbook in order to attract foreign investment to develop their respective extractive industries.
Australian Assistant Minister for Trade, Tourism and Investment Keith Pitt said at the first day of the Africa Downunder conference, in Perth, on Wednesday, that foreign investment would be crucial for the growth of the extractive industry in Africa.
“African nations are home to about 30% of the world’s mineral resources - producing more than 60 metal and mineral products. They’re also some of the world leaders in the export of crude oil and natural gas. And its share of the world’s diamonds, bauxite, manganese, platinum, cobalt and gold is even higher.
“Despite strong deposits, Africa accounts for only about 8% of global mineral production. Boosting this production will require considerable foreign investment,” Pitt said.
Pointing to Australia’s success in attracting foreign investment, Pitt noted that the country had six key contributors, including geography, a resilient economy, a skilled workforce, strong governance, good infrastructure and a business-friendly environment.
“To a large extent, these all boil down to one thing: Australia is seen as a safe, low-risk place to do business. We all know that investors love predictability and hate risk.
“They value transparency and the rule of law. And they value a skilled and educated workforce,” Pitt said.
The Minister pointed out that at the end of 2015, the total value of foreign investment in Australia had reached some A$3-trillion, with some A$507-billion of these funds invested into the extractive industry.
“Australia is a large, resource-rich country with a relatively high demand for capital and a relatively small population. So, foreign investment has been crucial for our growth, and it will continue to be key to our prosperity in the future.”
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