Many countries in Africa have been suffering from poverty for many years. Whatever the reason is, the reality is that Europe and American could not contribute to the development of the continent effectively, until now. They have poured millions of dollars of aid and loans to African countries but extreme poverty did not remove. Now, according to World Bank, some African countries are getting benefited from the economic rise of India and China. I am quoting from a BBC report:
”China and India's growing trade and investment in Africa holds great potential for African economic growth, a World Bank report has said.
”China and India's growing trade and investment in Africa holds great potential for African economic growth, a World Bank report has said.
The study found that, led by China and India, Asia now gets 27% of Africa's exports, triple the amount in 1990.
At the same time, Asian exports to Africa are now growing 18% per year, faster than any other global region.
The study says both China, India and African nations must improve their trade reforms to help boost this trend.”
It seems that Asia became successful in helping Africa because it countries like India or China did not go to Africa to help them in the first place. Instead, they are looking for doing business with African countries and thus some African countries got benefited. Many jobs are now being created in Africa from its increase trade with Asia. I hope Europe and America can learn from it.
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