The Scramble for Africa

BERLIN(Own report) – German businesses are demanding that the government intensify its support for tapping the “continent of opportunity, Africa” in competition with China and other BRICS countries. Parallel to the West’s waning global influence, German businesses are loosing ground on the African continent. This is why German enterprises are pushing for increasing Hermes trade credit insurances, double taxation treaties, and generally “stronger political support for the German industry in Africa.” A building industry federation is explicitly demanding that future allocations of development funds be tied to orders for German/European firms. The German government has indicated its readiness to implement these policies. The KfW Development Bank and other public-sector banks are already seeking ways to support the German industry’s expansion efforts by expanding credit transactions.