President Jacob Zuma has warned the private sector in the West to change its ‘colonial approach’ to doing business in Africa, or risk losing out to developing powers such as China, according to the Financial Times (FT).
He advised Western governments and businesses to rethink their investment strategies and is quoted as saying they have a “psychological problem” and are still prone to lecturing Africa. In terms of trading partners, Zuma told the FT that Europe is still “the big one.”
This comes ahead of South Africa’s first hosting of the BRICS Summit from March 26 to 27 2013, in Durban.
He also reportedly accused [foreign] mining companies of not being interested in fostering support industries in host nations, and only in extracting ore.
As to warnings of doing business with China, Zuma reportedly said Africa is aware of the risks and “does not want to be dominated again.” The FT says China has expanded diplomatic and commercial ties across sub-Saharan Africa, offering cheap infrastructure loans in exchange for commodities.
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