ABSTRACT. The percentage share of emerging markets and developing economies to global GDP growth amounted to 50.2% in 2010. This figure is expected to increase to 60% by 2020. Africa is the fastest growing region in the world after Asia. Yet, with the exception of petroleum and mining interests, scant attention is shown by western firms to the region, largely on account of continued negative perceptions high political volatility. The rising interest shown to Africa as a potentially attractive destination for foreign direct investments is largely due to the growing engagement of emerging Asia with countries in the region. Western firms generally have very limited knowledge and understanding about the current investment climate and the major institutional reforms that have taken place across the continent over the past decade. This impedes them from recognizing new business opportunities and to identify strategies to mitigate risks. The aim of this paper is to draw attention to recent reforms in Africa and to highlight the opportunities and challenges they offer to foreign investors as well as to African leaders. pp. 44–56
JEL: F31, C22, E21, O11, C32, C52 

Keywords: emerging markets, business strategy, trade, investment, 
economic growth, risk management, emerging Africa