East African Business Week

A  report released by Ernst & Young has disclosed that Foreign Direct Investments (FDI) in Africa are likely to have strong growth in the new expected projects reaching US $ 150b by 2015.
Titled It's time for Africa, the report was the first Ernst & Young's 2011 Africa attractiveness survey which highlights investment prospects in Africa. "The results of our first Africa attractiveness survey highlight what over 500 business leaders had to say about Africa's growth story, the latest foreign direct investment (FDI) trends and the region's growth potential," the report read in parts.
Africa Attractiveness Survey report combines an analysis of investment into Africa over the last decade, with a survey of over 562 global executives' views about how and where investment will take place in the next decade.
Among the key findings of the survey are the drown up difference between developed and emerging market investors, with emerging market investors generally more positive about Africa's attractiveness.
It indicates that emerging market investors regard Africa as critical to sustaining her own growth, whereas developed market investors see it as a potential future market that still needs to develop.
Findings also suggest that capital investment from emerging market investors grew particularly strong with high concentration in the extractive and manufacturing sectors. A seemingly thoroughly researched survey, indicates that amidst Africa's challenges, there is an increasing recognition that the continent is on an upward course; economically, politically and socially. It shows that Africa's growth is underpinned by a longer-term process of economic and regulatory reforms where inflation has been brought under control, foreign debt and budget deficits reduced, state-owned enterprises privatized, regulatory and legal systems strengthened, and many African economies opened up to international trade and investment.
Together with other factors, such as the commodities boom and increasing infrastructure investment, has contributed to a doubling of economic output over the past decade.
During this period, a number of African economies have recorded impressive growth rates. For example, six African economies were among the 10 fastest growing economies in the world in the period 2001-10, according to The Economist .
In addition to fundamental economic and regulatory reforms, there has been significant advancements in human development and governance indicators, according to the Ibrahim Index of African Governance showing steady progress.
Twenty two African societies reportedly became wealthier with greater spending power, 23 a growing middle class, together with technological and communications advancements, is also giving rise to an increasingly active civil society that is demanding a participatory voice and accountability from its politicians.
"So the point really is not whether you should be doing business in Africa, but rather how." Leslie Rance, General Manager, East Africa Markets  British American Tobacco is quoted in the report which also had viewpoints from other business executives . Leslie said that there is a greater role of regional bodies and groupings in Africa like the East African Community (EAC) and the regional organization Common Market for Eastern and Southern Africa (COMESA).
He said the regional blocs looking at empowering its collective size, standardize and improve laws governing businesses, remove tariff barriers, enable the free flow of skills and encourage intra- and extra-regional trade.
The report has indicated Uganda has become one of the countries with open opportunities for investments with vast mineral resources and a recent discovery of oil which is likely to attract significant amounts of investment.
Rwanda has also been listed for her institutional environment and the Government's active role to tackle corruption, and the business environment becoming friendly with significant investment with improved infrastructure.
With Kenya, it is being mentioned to be probably the most highly developed economy in the East African Community with a relatively well-educated and rapidly growing labour force, and most oftenly used as a hub by multinationals looking to develop East African markets.
While Tanzania is said to be driven by the rising price of gold that has increased 75% over the last three years, Tanzania's gold reserves are expected to continue to attract investors' interests.
The Democratic Republic of Congo (DRC) is said to have oil and mineral reserves among the richest in Africa, and potential which will continue to attract foreign investment particularly as demand in the developed and emerging markets rises and capacity constraints met by other producers.
According to the World Bank in its Africa's Future and the World Bank's support reports in March this year, Africa could be on the brink of an economic takeoff, much like China was 30 years ago, and India 20 years ago.
Ernst & Young's analysis of foreign direct investment (FDI) projects shows that in the last decade, Africa has seen an increase in inward FDI from 338 new projects to the continent in 2003 to 633 in 2010 an increase of 87%.  
It suggests that when it comes to future investment strategies, Africa is high on the agenda of global investors, with 42% of the businesses surveyed considering investing further in the region and an additional 19% of executives confirming they will maintain their operations on the continent.  
Ajen Sita, Managing Partner Ernst & Young, Africa says, "FDI has a particularly important role to play as a future source of longer term capital for reinvestment in infrastructure initiatives and as an accelerator of sustainable growth across Africa." Ernest and young is a global network of professionals working with companies across the globe to identify and capitalize on business opportunities.