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Ford not that keen on Africa

Jun 29 2011 06:17 Reuters

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Pretoria - Africa may be growing quickly, but it still offers fewer opportunities than more robust emerging markets such as China and India, the chief financial officer of US car maker Ford Motor said on Tuesday.

With an an average economic growth rate of 4%, Africa is seen as an increasingly attractive investment target for major multi-nationals.

But Ford's chief financial officer, Lewis Booth, who is currently on a visit to South Africa, said the African growth story may need some time.

"We are saying in Africa ... GDP per capita is still quite stressed. We are not expecting dramatic industry growth," Booth told reporters on a visit to Ford's plant in Pretoria.

Ford, which is working to increase sales by 50% by the 2015, is betting more on Asian countries such as China and India for growth, he said.

"In this decade the growth will be dominated by Asia-Pacific countries and perhaps Russia and Brazil.
 
ford  |  africa
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