As Africa attracts more direct foreign investments, International Monetary Fund Managing Director Dominique Strauss-Kahn sees trade as the main driver of the region’s development, with aid playing a minimal role.
“Africa is the next frontier for investment in extraction of primary commodities and equity markets,” Strauss-Kahn told Business Daily. “This will boost trade with the prospect of aid having a minimal role to play.”
Fresh investments in mineral mining, oil exploration, capital markets, industrial production and farming are channeling funds to Africa, the IMF chief said. He recommended that African economies adopt market-friendly policies and pursue regional trade integration.