VOLUME 5 ISSUE 4 – EU AND AFRICA – A GOOD NEIGHBOUR IS BETTER THAN A FAR FRIEND

Written on 11/15/2018
Lesley Nakonechny

The EU is Africa’s biggest trading partner, accounting for 36% of Africa’s trade in goods, worth €243.5 billion in 2017, compared to China with €107 billion (16%) and the US with €44.2 billion (6%). With that, the EU remains the most open market to African exports in the world, and many seed companies see Africa as the next continent where massive growth will take place.

As a continent, the EU is investing in and providing the African continent with large amounts of support. In terms of Foreign Direct Investment in Africa, the EU invests more than other countries/regions, with €291 billion (40%), followed by the US with €51.52 billion (7%) and China with €36.16 billion (5%). With just the Mediterranean Sea in between, the EU is Africa’s closest neighbour and also its biggest investor, the main trading and development partner and a key security provider. If we look at support, between 2014-2020, the EU is providing €31 billion in Official Development Assistance to Africa to boost Africa’s economy aiming to give young people in the continent a chance to build a future, to ensure food security and access to energy, and to anchor good governance and respect of human rights.