Hillary Clinton Warns Africa of “New Colonialism”

After a brief decline in foreign direct investment in 2009, due in part to global recession, Asian firms and governments increasingly target Africa with investment and infrastructure support, aiming to exploit the continent’s oil, minerals and other rich natural resources. In recent years, Chinese firms have led in foreign direct investment in several African nations. Expressing concern about new foreign influences over African development, US Secretary of State Hillary Rodham Clinton warned of “new colonialism,” with corporations and governments targeting Africa’s resources in unsustainable ways. Conditions on good governance accompany US investment and aid, and she argued that such conditions benefit a greater number of Africans. At an inaugural meeting of the US-Zambia Chamber of Commerce, she said: “We want a relationship of partnership not patronage, of sustainability, not quick fixes." The fact remains that industries in need of raw materials let local governments sort out whether investments benefit many or a few. – YaleGlobal