Russian investment in Africa possibly to enhance economic growth, reduce dependency on external resources
Date
9/30/2024 8:13:41 AM
(MENAFN) Russian investment in Africa has the potential to significantly enhance economic growth on the continent and reduce its dependency on external resources, according to NJ Ayuk, the executive chairman of the African Energy Chamber. Speaking to RT during the recent Russian Energy Week 2024 held in Moscow, Ayuk emphasized that Moscow’s approach contrasts sharply with that of Western nations, which he believes often prioritize their own agendas over the needs of local communities.
Ayuk highlighted that Russian investment focuses on people, stating, “They start by working with local people.” This collaborative spirit extends beyond mere investment; Russian companies often provide training for local workers and help develop essential infrastructure. Additionally, these partnerships enable Africans to participate in joint ventures, creating a mutually beneficial scenario where both parties gain from the collaboration. “It’s a win-win… both sides win,” he asserted.
He further criticized Western policies in Africa, which he claims have historically centered on resource extraction, often leaving African nations trapped in a “resource curse.” In contrast, Ayuk believes that Russian partnerships can aid in developing local production chains and contribute to the industrialization of the continent.
“Russians are not trying to take gas from Africa to bring to Russia. They’re trying to tell Africans, use that gas to power your people,” he explained. This perspective fosters a sense of camaraderie, with Ayuk stating, “We sit at the table as friends, not as adversaries… it’s definitely obvious that for Russia, it is important to have a stronger Africa.”
As the discourse around foreign investment in Africa evolves, Ayuk’s remarks highlight the importance of partnerships that prioritize local development and empowerment, suggesting a pathway for African nations to harness their resources for sustainable growth.
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