Indianapolis Recorder, Indianapolis, Marion County, 20 October 2000 — Page 2

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THE INDIANAPOLIS RECORDER

FRIDAY, OCTOBER 20, 2000

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Africa attracts more foreign direct investment

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DAKAR, Senegal (PANA) — Foreign direct investment flows to Africa rose 25 percent from $8 billion to $10 billion U.S. dollars in 1999, reflecting the faster growth rate being recorded on the continent, the Geneva-based U.N. Conference on Trade and Development (UNCTAD) says. However, investments by transitional corporations in Africa only represent paltry 1.2 percent of global FDI flows and just 5 percent of total FDI flows into developing countries, UNCTA said in its annual global investment report. The report, “World Investment Report 2000: Cross-border Mergers and Acquisitions and Development,” says Africa must become a bigger market player if it hopes to attract more FDI and join the global economy.

“The real challenge for the continent lies ahead: integration into the global economy, including integration into the regional or global production networks of transnational corporations. “Only then will the continent become a more prominent player in the world market and benefit more from FDI,” the report says. It says some 70 percent of total 1999 FDI flows into Africa were concentrated in just five countries — Angola, Egypt, Nigeria, South Africa and Morocco. Furthermore, investments in natural resources continue to be the main focus of foreign investor interest in most African countries, with significant flows in manufacturing and services. The great majority of the poorest African nations, how-

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ever, remain marginalized in terms of the absolute amount of foreign investment they receive, it adds. Angola, Equatorial Guinea, Lesotho, and Zambia rank first among a number of small African countries receiving significant FDIs when measures in terms of gross domestic capital formation. UNCTAD says privatization played a greater role in attracting FDI to Africa during the 1990s, especially in the telecommunications and mining sectors compared to the previous decade. The lion’s share of privatization between 1990 and 1998 went to South Africa ($1.4 billion), Ghana ($769 million), Nigeria ($500 million), Zambia ($420 million) and Cote d’Ivoire ($373 million), the report says.

CRIMESTOPPERS

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Police seek identity of suspect in counterfeit check scam Indianapolis authorities say they can solve a counterfeit check scam as soon as someone recognizes the suspect and provides the name. The information that solves the case may be worth money to the person calling Crime Stoppers. Detective Mark Nagy with IPD’s Financial Crimes Unit said a man using a fraudulently obtained Indiana identification card in the name of Norman Foster, opened a checking account at an Indianapolis area Fifth Third Bank branch on Feb. 29. From March 17 to March 21, the suspect cashed nine checks totaling more than $4,500 at ' various Indianapolis branches of Fifth Third Bank. All of the checks appear like payroll checks and carry the date of Feb. 29,2000. They are written on a fictitious business name of Advanced Technical Service, 715 N. Shadeland Ave. in the amount $582. The suspect is white, around 50 years old, 6-feet-tall, 215 pounds, with medium length brown hair. His photo can be seen on the Crime Stoppers Web site at www.crimetips.org. Contact Crime Stoppers at 262-TIPS or 1-800-92ALERT if you have any information that may assist in solving this crime. Callers will be known only by a code number assigned to them and may be eligible for a cash reward of up to $1,000. In order to be eligible for a reward, information must be provided to Crime Stoppers of Central Indiana.

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