What few people understand is that natural resources isn't as important as people think. What is more important is manufacturing and the other industries. Africa's trade with the rest of the world is 2% of total world trade. Value added, the final products are 10x more valuable.
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Yep, a ton of iphones or computer chips are far more valuable than a ton of iron
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What is the greatest weakness in any economic system the world has tried? The inability to keep costs down. So what is most important for any leader? To keep costs down 2 the bare minimum. To maintain a strong currency. Low inflation. To keep production increasing. Jobs will come
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The other factors are far more important: What did the Chinese do? 1 child per family. They SAVED money to invest it in production. Next they went to school for 12 hours a day to get the right mathematical skills so they could create high tech products. Next they focused on costs
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So if you want a successful economy, you should base it upon the STRUCTURE of the economy. You want an export orientated economy that serves the WORLD market. You want to create high technology products. Minerals and metals are good starting points for creating a modern economy.
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I would disagree with that statement. Please read
@WarOnWant 2016 report entitled "The New Colonialism" which states that 101 companies (mostly british) on LSE collectively control over $1 trillion worth of Africas most valuable resources.Thanks. Twitter will use this to make your timeline better. UndoUndo
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"Seemingly abundant" siku quarter to manje. Times up.
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The problem has been north of Zimbabwe was not enough finished products. If you sell raw materials, huge chunks of employment and profits lost. Take from a - z.
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Extraction straight into your bank account, more likely.
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Extraction that does not benefit Africa so far....
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Now we have to invest more to adding value to these resources before they are exported. This will create more jobs and a better economy
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@PresidencyZA this has not benefited the majority, time to focus on startups -
It has..mines pay taxes.
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Of course,we have to it generates foreighn investment.
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