The globalization of foreign investment in Africa: The role of Europe, China, and India, by Adams Bodomo, UK, Emerald Publishing, 2017, 136 pp., £40, Paperback: ISBN 978‐1‐78743‐358‐8.
| Published date | 01 August 2018 |
| DOI | http://doi.org/10.1002/pad.1834 |
| Author | Hagan Sibiri |
| Date | 01 August 2018 |
BOOK REVIEW
THE GLOBALIZATION OF FOREIGN
INVESTMENT IN AFRICA: THE ROLE OF
EUROPE, CHINA, AND INDIA
by Adams Bodomo
UK,Emerald Publishing,2017,136 pp., £40, Paperback:ISBN 978‐1‐78743‐358‐8.
For millennia, Africa'ssocioeconomic,political, andsecurity landscapehas
always involved major powers. Once dominated by Western
colonial powers, the struggle for decolonization and national indepen-
dence in the1950s was seen as the only transition to trustingthe future
of the continent to Africans themselves. After all, as proclaimed by the
pan‐Africanist Kwame Nkrumah on the eve of Ghana's Independence in
1957 as the first sub‐Saharan African country to win the struggle, “the
Blackman [Africa] is capable of managing his own affairs.”The question
has been whether, indeed, Africa is capable of managing its own affairs
withoutexternal support? Inactuality, globalization is a realityand Africa
cannot independently advanceits desired development agenda without
externalinvestment in its enormousuntapped potentialsand resources.
Recognizing this fact, Adams Bodomo (a professor of literature
and African studies) in “The Globalization of Foreign Investment in
Africa: The Role of Europe, China, and India,”examines the role of for-
eign investments in Africa's socioeconomic development by analyzing
the investment approaches of Europe, China, and India in Africa. The
book is Afrocentric touching on how Africa can maximize and benefit
from the current blitz of investment alternatives presented by the
various emerging economic powers. Africa, according to the book,
needs to rethink and redesign its investment policies to create a sus-
tainable investment model that will not only improve its global integra-
tion process but also improve its socioeconomic progress.
The book is very informative and a must read, particularly for scholars
and observers who are perplexed by the apparent success of China in
Africa vis‐à‐visthe declining influence of Europe in Afr icawhere they once
had much leverage. Students interested in understanding China and India's
competitive influence and growth surge in Africa may also find the book
very useful. The book also serves as a reminder to African leaders that
Africa has the potential to become the investment powerhouse needed
to break the cycle of being just a “basket case”in this globalized era.
The seven‐chapter book is generally in three parts. The first part
(Chapters 1–2) extensively re‐examine the relevant theoretical dimen-
sions ofglobalization andthe role of foreign investmentin Africa's devel-
opmentagenda if well managed.The book uses the term “globalization of
foreign investment”to denote the immense flow of capital investment
into Africa from across the world from the onset of globalization.
Although the Western industrialized world accelerated globalization,
the spillover, according to the book, has propelled Africa as a force of
globalization. Itcites the staggeringUS$ 54 billionflow of investmentinto
Africa as of 2014from a mere US$ 10 billion from thebeginning of this
millenniumas an empirical case of Africain the midst of globalization.
Europe undoubtedly, since decolonization, has served as Africa's
traditional investment and development partner. On this note, the sec-
ond part of the book (Chapters 3–5) critically analyzes the historical
development of European aid and investment approach in Africa,
including the constraints throughout the years, which at best played
a minimal role in lifting Africa from its dire situation. Having analyzed
the European approach, the book turned its focus to China, the awak-
ened “Dragon.”It describes the emergence of China into Africa's
investment landscape as a “game changer”that has rewritten the rules
governing investment in Africa while also serving as the best alternate
and model for Africa's socioeconomic development. The success of
the Chinese approach it argues can serve as a framework for other
external investors to learn. The Chinese success stems from the fact
that China has proven that it has the inclination to take investment
risks in risk‐prone African countries that others have overlooked.
The book in the last case of the trilogy examines India's investment
approach in Africa, which it regards as reactive to the “Chinese factor”
(i.e., to counter China rise and influence in Africa). The book acknowl-
edges how India's investment and aid footprint in Africa is not a new
phenomenon. Yet, despite having its presence in Africa long before
the emergence of China, India was, metaphorically, a “sleeping ele-
phant”that made little impact on Africa's socioeconomic development.
The last and most stimulating part of the book (Chapters 6–7)
discusses the way forward for Africa in terms of alternate sources of
investment and the need for African centered investment policies. It
emphasizes the potentials of emerging economic powers, notably
Brazil; Russia; Turkey; Indonesia; and other Asian, Central, and South
American countries as the new alternative source of investment of
which African can turn to. The substantial merit of the book is that
not only does it discuss the alternate investment sources but also
notably recommends African oriented investment policies necessary
to sustain the vibrancy of Africa's investment climate while positively
affecting Africa's socioeconomic progress.
Recognizing the massive penetration of investment into Africa,
the book's resolute position is that Africa will only get maximum
benefits of its vast potentials and resources “if it succeeds in evolving
an Africa‐driven foreign investment policy”that regulates foreign
investment on a bilateral basis and according to the needs of Africa
as opposed to multilateral investor relations. Another significance of
Received: 23 June 2018 Revised: 7 July 2018 Accepted: 13 July 2018
DOI: 10.1002/pad.1834
130 © 2018 John Wiley & Sons, Ltd. Public Admin Dev. 2018;38:130–131.wileyonlinelibrary.com/journal/pad
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