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the world gathered in Davos， Switzerland at the end of January， for the World Economic Forum 2013 annual meeting. South Africa was well represented at the forum by the government and the private sector， and together we set out to market our beautiful country， which has so many positive attributes. While audiences were receptive to our message， we could not help but notice subconscious prejudice against our beautiful continent， although this may have been unintended.
For example， the first session， in which I participated， was a panel discussion entitled “De-risking Africa： What are African leaders doing to mitigate investment risks？”
This means Africa is still considered an investment risk！
Fortunately fellow panelists and the audience agreed that viewing Africa as a risk was erroneous. Doing business can be risky in any part of the world， as recent developments in the developed North have indicated. The reality is that Africa has become a remarkable success story. In 2010， six of the world’s 10 fastest growing economies were in Africa， and seven African countries are expected to be in the top 10 over the next five years.
Africa’s output is expected to expand by 50 percent by 2015. Africa’s per-capita GDP stood at $1，630 in 2010. It is expected to increase to $2，200 by 2015， at a real annual growth rate of 5.7 percent， resulting in a 30-percent rise in the continent’s spending power.
Africa’s consumer sectors - goods， telecom and banking， amongst others - offer the greatest opportunity and are already growing two to three times faster than those sectors in countries belonging to the Organization for Economic Co-operation and Development （OECD）.
The rate of return on foreign investment in Africa is higher than in any other region in the world. This is not surprising given the continent’s competitive edge.
Africa’s advantages include its extraordinary mineral wealth and agricultural potential. It has a young working population and a growing middle class with considerable and growing purchasing power.
Almost each African country has been working hard， introducing wide-ranging measures that improve the climate for investment - both foreign and domestic. Currently we encourage foreign investment in the massive infrastructure programs that we have embarked upon in Africa. This includes the program for Infrastructure Development in Africa and the Presidential Infrastructure Champions Initiative， with the flagship program being the North-South Corridor， which South Africa has the honor to champion. Domestically in South Africa， we have an infrastructure program in place that will cost at least 4 trillion rand （$452 billion） in the next 15 years. The continent is growing and is on the move.
Under the auspices of the AU， we have launched an ambitious program to promote continental integration. As a first step， we have made considerable progress in the Tripartite Initiative that draws together countries in Eastern and Southern Africa.
By 2015 we expect to establish a free trade area amongst these countries， combining the markets of 26 countries with a population of nearly 600 million people and a combined GDP of $1 trillion. Importantly， this will form the basis for an Africa-wide Free Trade Area， which could create a single market of $2.6 trillion.
It is important to emphasize that the so-called “risks’in investing Africa are often more perception than reality. When Moody’s analyzed the performance of 20 years of project finance loans， accounting for about 45 percent of all projects financed since 1983， they found that only one project out of 92 in Africa had defaulted.
Estimates from the African Development Bank suggest that companies participating in infrastructure investments in Africa can earn commercial rates of return from 5 to 10 percent in the water sector， 17 to 25 percent in the power sector and 25 to 30 percent in telecommunications. Across sectors， infrastructure investments average returns of between 15 and 20 percent.
In fact， returns on foreign investment in African infrastructure are higher than in any other developing region. African independent power projects， for example， have earned their investors internal rates of return of up to 25 percent， compared with 15 percent in Latin America and 12 percent in Eastern Europe.
We are proud of being part of this continent and will continue to play our role in its development and positioning in world affairs， and we communicate one message - that Africa is rising and is a continent of hope. Africa has a bright future.
For example， the first session， in which I participated， was a panel discussion entitled “De-risking Africa： What are African leaders doing to mitigate investment risks？”
This means Africa is still considered an investment risk！
Fortunately fellow panelists and the audience agreed that viewing Africa as a risk was erroneous. Doing business can be risky in any part of the world， as recent developments in the developed North have indicated. The reality is that Africa has become a remarkable success story. In 2010， six of the world’s 10 fastest growing economies were in Africa， and seven African countries are expected to be in the top 10 over the next five years.
Africa’s output is expected to expand by 50 percent by 2015. Africa’s per-capita GDP stood at $1，630 in 2010. It is expected to increase to $2，200 by 2015， at a real annual growth rate of 5.7 percent， resulting in a 30-percent rise in the continent’s spending power.
Africa’s consumer sectors - goods， telecom and banking， amongst others - offer the greatest opportunity and are already growing two to three times faster than those sectors in countries belonging to the Organization for Economic Co-operation and Development （OECD）.
The rate of return on foreign investment in Africa is higher than in any other region in the world. This is not surprising given the continent’s competitive edge.
Africa’s advantages include its extraordinary mineral wealth and agricultural potential. It has a young working population and a growing middle class with considerable and growing purchasing power.
Almost each African country has been working hard， introducing wide-ranging measures that improve the climate for investment - both foreign and domestic. Currently we encourage foreign investment in the massive infrastructure programs that we have embarked upon in Africa. This includes the program for Infrastructure Development in Africa and the Presidential Infrastructure Champions Initiative， with the flagship program being the North-South Corridor， which South Africa has the honor to champion. Domestically in South Africa， we have an infrastructure program in place that will cost at least 4 trillion rand （$452 billion） in the next 15 years. The continent is growing and is on the move.
Under the auspices of the AU， we have launched an ambitious program to promote continental integration. As a first step， we have made considerable progress in the Tripartite Initiative that draws together countries in Eastern and Southern Africa.
By 2015 we expect to establish a free trade area amongst these countries， combining the markets of 26 countries with a population of nearly 600 million people and a combined GDP of $1 trillion. Importantly， this will form the basis for an Africa-wide Free Trade Area， which could create a single market of $2.6 trillion.
It is important to emphasize that the so-called “risks’in investing Africa are often more perception than reality. When Moody’s analyzed the performance of 20 years of project finance loans， accounting for about 45 percent of all projects financed since 1983， they found that only one project out of 92 in Africa had defaulted.
Estimates from the African Development Bank suggest that companies participating in infrastructure investments in Africa can earn commercial rates of return from 5 to 10 percent in the water sector， 17 to 25 percent in the power sector and 25 to 30 percent in telecommunications. Across sectors， infrastructure investments average returns of between 15 and 20 percent.
In fact， returns on foreign investment in African infrastructure are higher than in any other developing region. African independent power projects， for example， have earned their investors internal rates of return of up to 25 percent， compared with 15 percent in Latin America and 12 percent in Eastern Europe.
We are proud of being part of this continent and will continue to play our role in its development and positioning in world affairs， and we communicate one message - that Africa is rising and is a continent of hope. Africa has a bright future.