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Most comments are unaware of a third option, which the Chinese, Malaysians, and Singaporeans started.
To extract raw materials, 1. their state sets up a company, acquiring machinery, etc 2. They hire individuals or groups of experts. They could be from different countries 3. They sign contracts and are paid salaries 4. Part of the contract is to train local replacements At the same time, local universities set up programs to train technicians with the future in mind. 5. At the end of the contract, they are paid their due, gratuity, or extend the contract if necessary 6.Soon, the local workforce will take over. 7.... The industry can be largely handled by locals
We can plagiarize this simple method from China.In my lifetime, they have gone from making plastic toys from producing almost every electronic item Nkrumah started in a basic form in Ghana until the dream was quashed by a faction of local politicians.
There are examples of successful manufacturing policies in Africa:
Ethiopia's Horticulture Industry:The country's policy encouraged private investment, provided training and capacity building for local farmers, and established a robust logistics system to facilitate exports.
Kenya's Industrialization Policy: The policy aimed at increasing the contribution of manufacturing to the country's GDP, improve the competitiveness of local industries, and enhance the country's economic diversification.
Tanzania's Industrialization Strategy: The strategy emphasizes the importance of local content, private sector participation, and the development of supporting infrastructure.
Botswana's Industrialization Policy: Botswana has implemented a policy that aims to diversify its economy beyond diamonds and develop industries like manufacturing, tourism, and services. The policy emphasizes the importance of human capital development, innovation, and public-private partnerships.
Ghana's Local Content Policy: Ghana has introduced a local content policy that requires oil and gas companies operating in the country to source a significant percentage of their goods and services from local suppliers. The policy aims to increase local participation in the oil and gas sector, promote economic diversification, and reduce dependence on imports.
I love the take that “without these Foreign companies exploiting your resources you would be in poverty.” As if African nations wouldn’t just do it themselves. 😂
Imagine the stupidity. This is why I know this sub is brigaded by certain groups. Like I say, not all morons are racist but ALL racists are morons.
Yo I like that, Im definitely gonna have to swipe that phrase 😂🤝🏿
But, no lies told brother. It’s usually always the same rhetoric too
Be my guest. Spread it far and wide haha
I completely disagree, these countries most certainly could do it on their own without a foreign company taking most of the profits, and history has shiwn this.There's a difference between investment and exploitation. Considering how profitable oil is, the nations you named could receive loans to develop their oil industries and pay them back. Or could possibly even be like Libya and develop without foreign loans. These companies don't really bring development, they bring a bit of wealth for the elites (through dubious contracts), hire very little Africans, or pay them like shit, all while destroying their environment. While many countries are too corrupt to properly manage finances, the flowing income of oil would force policy to evolve in a way that checks and balances against corruption would be formed and trickle into the grander society.
What they bring is pockets of development not full development , their presence just creates a 5-20% middle class population while the rest of the continent suffers
Please tell me in great details why these places can't exploit their own resources. I just want to understand from your perspective what the challenges are which they can't overcome?
You are being robbed blind of your finite resoirces and offered pennies as compensation, whilst you deal with the fallout from pollution, climate change, soil degradation and health problems. Your people work like slaves for their foreign overlords so corporations from the West and China can turn ever greater profits. This is all supposedly justified because they exploit your resources and at least pay a marginal(read:least they can possibly get away with) which is supposedly better than not extracting those resources in the first place.
Also it is very possible for African nations to extract their resources, because they already do. Most extractionary labour is already done by Africans. They build the mines and wells, they work them and they transport the materials. The only industry I can see being problem for smaller nations is oil extraction.
What of all the lives being lost in the name of supplying cheap luxuries to the west? The people inhaling the dangerous toxic dust and the environment being lost? Does this money really go to the people or to some politicians' pockets? Last but not least, these companies can easily afford to do things ethically. They just choose not to in the name of greed. We don't benefit much from this and they are practically stealing resources in broad day light. They'd never accept this in their land, why should we accept further destruction in Africa?