5 May 2012

Sierra Leone lays tracks for future economic growth

A report published by Ernst & Young says that international investors’ perceptions of the continent of Africa are beginning to shift positively. But what is even more encouraging for the continent and its people are the key findings, suggesting that Foreign Direct Investment (FDI) projects into Africa have more than doubled from 339 in 2003 to 857 in 2011.

The study also found that; Intra-African investment has grown exponentially increasing from 27 in 2003 to 145 in 2011 – 17% of all new FDI projects on the continent last year; 60% of respondents say perception of Africa as a business location has improved over past 3 years and three quarters say attractiveness will improve further over next 3 years.

Ernst & Young are predicting Africa’s GDP to grow between 4 and 5% a year in the next decade and Foreign Direct Investments into Africa reaching US$150b by 2015.

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John Baimba Sesay – Information Attaché

5 May 2012

The role of the People’s Republic of China in Africa’s development has been tremendous. In January of this year, the African Union (AU) commissioned a $124 million headquarters, built single-handedly by China for the African continent.

This is a clear manifestation of the depth that Sino-Africa relations have reached in recent times. Being the world’s second largest and fastest economy, China is poised to continue to play a strategic role in driving the world’s socio-economic development.

Sierra Leone’s friendly and diplomatic relations with the People’s Republic of China dates back to the late 1960s. It was no surprising therefore, that Sierra Leone was historically well placed to ensure China’s entrance not just to the United Nations – but the UN Security Council.

This was a victory for foresightedness, ably demonstrated by the late President Siaka Stevens, at the time when the rest of the world could not have anticipated the near global economic dominance that China has so rapidly achieved, in less than half a century.

Cooperation ties between the two countries have since grown from strength to strength.

It is against this backdrop that an article on the Embassy in Beijing, authored by one Alpha Kargbo and published in the Sierra Leone Telegraph online newspaper of Tuesday, 1st May, 2012, would require important clarification of the facts on the ground.

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