Africa boom lures investors as growth set to double

source: Mmegi

Investment in Africa from countries such as China and India has rekindled optimism in a continent that sits on the world’s biggest deposits of platinum, chrome and diamonds, attracting a record number of delegates to this year’s World Economic Forum on Africa.

Bankers may make up the largest group of delegates as they look to profit from an economy expanding at double the pace of rich nations and a market that has just surpassed 1 billion people. Banks like Barclays and Standard Chartered Plc aim to be dealmakers as rising industrial powers such as China look to the continent to supply raw materials and India buys up land to feed its growing population.

“Africa has a yet-to-be-tapped investment, trade and market potential,” said Kuseni Dlamini, the chief executive officer of Johannesburg-based Old Mutual Plc’s South African unit, the largest African insurer. “I’m always on the look for investment and [continue reading]

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