The African Diaspora Investment Symposium in Silicon Valley brought together Africans, African diaspora and venture capitalists to focus on how best to invest in Africa.The continent has been increasingly gaining attention, particularly for China. It's the third largest destination for Chinese investment behind Asia and Europe.
At the event, James Newlands, the Northeast Region Trade Leader for Ernst and Young, showed some interesting statistics. Despite weak growth, foreign direct investment (FDI) projects in Africa increased by six percent in 2017. These are private investment projects as opposed to projects started by foreign governments.
And topping the list for the sectors receiving the most investment is RHC – which stands for real estate, hospitality and construction. That sector showed an increase of 133 percent in 2017. But many investors, who spoke to CGTN, like Twum Jin, a former Google engineer, believe as infrastructure develops in Africa, there will be huge growth in the financial tech sector.
“In the next five years what we should expect is that delivery is easier, transportation is easier, addressable homes are easier, addressable businesses are easier and that facilitates that e-commerce ecosystem that we enjoy in more developed markets,” said Jin.
————From CGTN News