world\u2019s fastest growing continent<\/a>.\u00a0Over the past decade, five of the top 10 fastest growing economies in the world were in Africa. In eight of those ten years, Africa grew faster than East Asia. Its political governance is improving, and its workforce (which is becoming far better educated) is growing at a faster rate than anywhere in the world.<\/p>\nThe Dialogue highlighted how Australia can assist Africa\u2019s economic potential and the ways that Africa can contribute to our own long-term economic security.<\/p>\n
Australian investment in Africa is worth over $50 billion, mainly in the natural resources sector. Australia\u2019s commercial interests in Africa, mainly in mining and oil, have nearly tripled since 2005. More than 200 ASX-listed mining and resource companies are operating more than 700 projects in about 40 African countries. Australia\u2013Africa two-way trade was worth $10.39 billion in 2012\u2014more than double its 2009 level.<\/p>\n
Australian Foreign Minister Julie Bishop, and a participant in Aus-Africa Dialogue, writes in the report\u2019s Forward: \u2018The discussion in Western Australia made clear that increased Australian trade and investment in Africa is the best way for Australia to help stimulate growth and development in Africa.<\/p>\n
His Excellency Raila Odinga, former Prime Minister of the Republic of Kenya, and also a Dialogue participant,\u00a0notes in the report\u00a0that:<\/p>\n
Intra-African trade is growing year on year, but it is still small when compared with Africa\u2019s trade with the EU or China. The main reason it remains so is because Africa lacks the infrastructure\u2014power, roads, ports and so on\u2014to support robust economic development. The \u2018Cape to Cairo\u2019 dream has become a necessity for Africa. Investment in infrastructure represents a golden opportunity for Australian firms seeking not just profits but also wishing to contribute substantially to the continent\u2019s development.<\/p>\n
The report stresses the need for longer term Australian thinking to take advantage of Africa\u2019s opportunities. It makes numerous suggestions on strengthening people-to-people links, (one suggestion is for Australia to expand the \u2018reverse Colombo Plan\u2019, to include Africa), engagement with small business, assisting with vocational skills training, particularly in the mining sector, and promoting a positive environment for investment, trade and broader defence and security cooperation.<\/p>\n
With Australia taking over the chair<\/a> of the Indian Ocean Rim Association for the next two years we\u2019ll be looking west more, so good things will hopefully flow to Africa.<\/p>\nThe report being released today underlines the way in which the Aus-Africa Dialogue, as an exercise in private diplomacy,\u00a0can\u00a0raise key issues for policymakers and strengthen relations between Africa and Australia.<\/p>\n
As the African proverb says,\u00a0\u2018If you want to go fast, go alone. If you want to\u00a0go far,\u00a0go together\u2019.<\/p>\n
Anthony Bergin is the deputy director of ASPI, and was a participant\u00a0in the Aus-Africa Dialogue.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"
The need for Australian engagement with Asia is natural and obvious, but that doesn\u2019t mean that we should focus\u00a0only\u00a0on Asia in our international policy. Today ASPI and the Brenthurst Foundation in South Africa published a …<\/p>\n","protected":false},"author":23,"featured_media":4614,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[1],"tags":[177],"class_list":["post-11066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-africa"],"acf":[],"yoast_head":"\n
Australia and Africa working together | The Strategist<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n