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2011 Africa attractiveness survey - It's time for Africa - EY - South Africa

Africa Attractiveness Survey 2011

Viewpoint: Operating circumstances are challenging but not insurmountable

Nikolai Germann
Managing Director
Addax Bioenergy

Addax Bioenergy has embarked on what we hope will be a remarkable project to introduce a large-scale "sugar cane to ethanol" plant in Sierra Leone to service the European Union market. Addax Bioenergy is a private company that descended from the fuel company Addax, which operates in five African countries and which was sold quite recently to the Chinese fuel company Sinopec.

People are amazed that we have chosen to locate our plant in Sierra Leone, which underwent a long and gruesome civil war in the 1990s. But the political situation is much better now and current president Ernest Bai Koroma came from the party that was previously in opposition.

He is a former insurance manager and strongly supportive of investment. He is particularly keen on diversifying the economy away from mining, even though there are some big mining projects under way, since this concentration on mining is now considered to be one of the causes of war.

“Africa could be on the brink of an economic takeoff, much like China was 30 years ago, and India 20 years ago.” The World Bank

Summary: Increasing FDI combined with growing capital investments and the view of Africa as a future growth market indicates that Africa's outlook is positive.

Strategic resources, a growing consumer base and generally positive economic prospects are all contributing to growing interest in Africa as a business and investment destination.

The EY 2011 Africa Attractiveness Survey reflects, first, Africa's attractiveness for foreign direct investors and, second, the perceptions of, and outlook for, Africa and its peers across a representative panel of 562 international decision makers.

This survey further explores the emerging dynamics of the Africa economy, including:

  1. Africa as it is perceived: emerging and developed market views
  2. FDI in Africa: Africa's true market value
  3. Looking forward: Africa's prospects

Mark Otty Mark Otty

Area Managing Partner Europe, Middle East,
India and Africa
Ajen Sita Ajen Sita

Area Managing Partner

 Viewpoint: Operating circumstances are challenging,
 but not insurmountable.

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