March 1, 2013
By Thierry OgierThe gap over the south Atlantic is being bridged – “slowly, but surely,” says Mthuli Ncube, chief economist of the African Development Bank (AfDB).
On one side is Africa’s fast growing economies and emerging middle class: every year in the past decade, 12 million people have enjoyed an increase in purchasing power while today a third of the continent’s billion people are considered middle class, according to the AfDB.
On the other side is Latin America, where Brazil stands out for its global aspirations, its trade diversification and its investment strategy. The World Bank now even talks of a “new Africa” coinciding with a “global Brazil”.
Few Latin American countries
As economies boom on both sides of the south Atlantic, the potential for trade and investment between Latin America and Africa has scarcely been so great