A recent investor strategy report by consultancy BusinessMap has revealed that South African companies have invested nearly $1bn in the rest of Africa.

Two recent conferences highlighted Africa’s economic needs. They were the annual World Association of Investment Promotion Agencies’ meeting in Geneva in January, and the more recent United Nations Conference on Trade and Development in Monterrey.

Government and business leaders subsequently formed the Investment Advisory Council for the Least Developed Countries and liaised with UN secretary-general Kofi Annan. Also, the New Partnership for African Development was started by a group of African leaders, to integrate their countries more fully into the global economy.

Mr Annan said: “FDI can play an important role in advancing Africa’s development.” Proposals included promoting links between domestic enterprises in least-developed countries and transnational corporations prepared to invest in them.

South African companies are filling this void and still have the advantage of understanding the risks involved in investing in African countries. Last year, Impala Platinum invested in the Ngezi project in Zimbabwe with Zimbabwe Platinum, while most other companies withdrew.

In mobile communications, South African companies are in demand across Africa. MTN has enrolled 200,000 customers in Nigeria since being awarded a licence last August.