I have always believed that the first person who reaches the top of the
mountain rules the world, the early bird concept, some would say.
Being from Thailand, I was also
perplexed by the fact that an airline in ASEAN, Malaysian Airlines, to be
exact, used to fly to Latin America (Buenos Aires) and Africa (Johannesburg).
Korean Air flies to Nairobi, among other destinations. I believe that the
farther we go, the more markets we discover, and the more markets we discover,
the more trade opportunities abound.
But when you talk about Africa in
most of Asia, most likely you would find a sense of uncertainty. The knowledge
and familiarity with Africa is still not there, not only for Thai or
Singaporean business persons, but for those from the entire region. An Africa
session would not sell like pancakes, say, in an investment fair held in
Bangkok or Hanoi, compared to showcases of investment in other regions.
The fact of the matter is that
Africa’s economic growth makes it one of the fastest growing regions in the
world. This fact is practically unknown. There are today great trade and
investment opportunities for Asia to invest in Africa’s emerging markets, such
as those of Nigeria, Ghana, Botswana, Mauritius, South Africa and Mozambique.
These opportunities include investment in sovereign wealth funds and other
financial investments. As we speak, business persons from Asia and Africa are
tapping into each other’s “hot sectors,” from telecoms and financial services,
oil and gas, agriculture, and mineral assets to physical and social
infrastructure.
The Africa story is gaining
momentum, and there is opportunity for greater collaboration with countries of
Asia individually and as a region. Of course, there is the need to address
fundamental issues of poverty, labor and urbanization, as well as some of the
most pertinent investment issues for new corporations looking to invest on the
continent and for those African companies looking to raise funds in Asia.
At the same time, structural
transformation and sustainable development of Africa are needed to ensure the
most appropriate resource use and productivity, as well as environmental
sustainability and green growth. The "new development path” of Africa will
ensure sustainability of natural resources and agricultural productivity, and
work to mend the trend of deindustrialization, and this is with the backdrop of
a young and growing population.
Economically, Asia and Africa
still have much room to work closely as partners for sustainable growth and
development. The two regions must learn to rely on each other and reinforce
both intra- and inter-regional trade. There is indeed an Asian-African nexus,
and Asia should be ready to help Africa develop its growth strategies to
achieve the objective of sustainable development.
But who would that be from Asia?
Of course, the first person to reach the top of Kilimanjaro and remains there
would literally be on top.
Korean, Indonesian and Malaysian
companies have invested hundreds of millions of U.S. dollars in Africa. I also
hope that ASEAN countries, a part of one market in less than two and a half
years from now, would follow suit, and eventually expand investment to Africa
for stronger economic ties in a continent of great potential.
In 1950, South Korea was as poor
as Ghana and Kenya. In the coming decades, I hope that these African countries
will mirror the economic success of South Korea and many ASEAN countries.
Natapanu Nopakun
Business & Investment Opportunities
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