Top US officials welcomed fifty African heads of state at the first ever US-Africa summit that began on Monday. The summit will focus on security and developmental issues among others.
This is mainly because
Those are the sorts of headlines that have been shaping the Western view of the African continent, which many felt had been ignored on the world stage.
In 2013, the economies of African countries grew by an average of four percent, with many countries far above that figure.
These are likely to be the things that flashed through
"The hopes and aspirations for many of the 50 odd African countries that are making the trip are very much about economical ties, how to form cultural relations with the US and seeing what opportunities exist," said Ayo, "Africans are seeing this as a unique opportunity whereby they can choose among investors".
Scramble for raw material
Raw materials are the reason why the economy has made progress in leaps and bound in most African states. Prices on the world market are not only high for oil and precious metals, but also for agricultural products such as coffee, cocoa and tea.
Many African governments have managed their economies well in recent years, according to
Klasen explained that at least some of the financial gains have trickled down to the population, with 45 percent of the population now living on less than
Coffee exports are key to many African economies
But in oil-rich countries like
"As long as growth is largely based on resources, few of the resources will be in the hands of very few people and create very few jobs," said Klasen.
"So very little of the new oil wealth actually reaches the poor. Other resources such as coffee and cocoa create have much broader benefits for the population."
No long-term growth without industries
But the boom could end quickly, for example if prices for oil or coffee fall. In most cases, you need to create jobs for a steadily growing population - for example in the manufacturing industry - in order to stay successful. In countries like
Oil production in
"Since 2000, under the Africa Growth and Opportunity Act (AGOA) which gives products made in
The "Africa Growth and Opportunity Act" will be up for discussion at the US-African summit. It officially expires in 2015, but it is supposed to be renewed. The renewal will be an important step for both the US and many African states, in order to keep
Hispanic #1 Breaking News for Entrepreneurs, Professionals and Small Business Owners - HispanicBusiness.com
OCTOBER 30, 2014
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