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Indeed, the US Africa Leaders Summit is seen as an American effort to regain some of the influence lost in the region to China over the past decade. In 2015, the US hopes to expand a 14 year old free trade deal with Africa.
The Obama administration has announced $US14 billion in commitments from US businesses to invest in Africa money to be ploughed into construction, clean energy, banking, information technology and other sectors. The money includes a $US2 billion investment by General Electric by 2018, $US200 million by Marriott and a $US66 million commitment by IBM to provide technology services to Ghana's Fidelity Bank.
"We see Africa as the fastest growing market worldwide," says Nike Dunk Kermit The Frog
"Investors from the US and Europe have tended to be large investors who demand all kinds of facilitation, who expect all kinds of conditions," says Frederick Golooba Mutebi, a Rwanda based researcher and honorary fellow at the University of Manchester. "I do not see Europe and the US catching up with China."
Armed conflicts are down despite headlines about the terrorist groups Boko Haram in Nigeria and al Shabab in Somalia.
Maring a decade of economic gains, African leaders appear intent on sustaining the growth and ensuring Nike Blazer Low White
The question is: Can all this endure?
Can Africa keep economic winning streak
In 2011, Wal Mart acquired Massmart Holdings, which runs 350 stores in 12 sub Saharan countries. Marriott International in 2013 agreed to buy Protea Hospitality of South Africa, a 116 hotel chain in seven sub Saharan countries.
No nation has Nike Basketball Shoes For Girls 2016 been more aggressive in Africa than China. Its direct investment in sub Saharan Africa has jumped from virtually nothing in 2002 to $US18.2 billion in 2012. China is hungry for oil, coal and other resources and eager to develop the roads, bridges and ports needed to pull them out of Africa.
"Africa presents enormous opportunities," says Paul Sullivan, director of international business development at Acrow Bridge of Parsippany, New Jersey, which has put up hundreds of prefabricated steel bridges across Africa.
In the decades after many of the countries regained independence in the 1960s, their natural resources Nigerian oil, Liberian diamonds, Congolese copper and cobalt failed to support durable growth. They sometimes proved a curse: Proceeds would vanish into Swiss bank accounts of corrupt leaders and give armed factions something to fight over.
Cummins, based in Columbus, Indiana, has enjoyed double digit sales growth in 2014 in supplying power equipment to Africa. Consumers in the Nigerian capital of Lagos eat burgers from Johnny Rockets and ice cream from Cold Stone Creamery.
Africans tend to favour doing business with China in part because it's less likely than Western nations to demand economic and political reforms to accompany trade and development deals.
that the benefits are spread broadly and not syphoned off by corrupt officials and foreign companies.
Analysts note that, hopefully, the current resurgence is built on foundations sturdier than the ups and downs of commodity prices. Many African nations have become more democratic, making it easier for entrepreneurs to do business, and have boosted investment in education and infrastructure. A decade of solid growth has created a middle class with more spending power 350 million strong in 2010 by the African Development Bank's count, up from 220 million in 2000.
In addition, Coca Cola and its African bottling partners announced an investment of $US5 billion, raising to $US17 billion Coca Cola's investment in Africa from 2010 to 2020.
The improved environment has benefited even countries without bounteous natural resources. In resource poor Rwanda, for example, economic growth rose from an average 1.7 per cent from 1990 to 2000 to 7.7 per cent the next decade.
Assessing Africa's prospects after a decade of solid growth, Jennifer Cooke, director of the Africa program at the Center for Strategic and International Studies, thinks the region's nations have "an opportunity right now. But it's not a guarantee".
David Picard, a manager at heavy equipment manufacturer Caterpillar.
The consultancy Ernst Young ranks Africa as the Nike Blazer Supreme On Feet
world's second most attractive market after North America. Cumulative foreign investment in sub Saharan Africa has catapulted from $US33.5 billion ($A36.25 billion) in 2000 to $US246.4 billion ($A266.59 billion) in 2012, according to United Nations numbers crunched by the Brookings Institution.
South Africa exports BMW sedans to the US. Ethiopia has developed a niche making shoes. And it produces the best selling imported birdseed in the US.
NO longer are the nations of sub Saharan Africa, long a symbol of war, famine and corruption, an economic basket case. Six of the world's fastest growing economies are there. Higher oil prices, richer consumers and sounder governments have raised so much interest in Africa's economic promise that it's beeng showcased at the first US Africa Leaders Summit in Washington.
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