- Africa: in its annual report on investments in the world in 1999 (see EI of 5 October), Unctad (United Nations Conference on Trade and Development) states that foreign direct investment flows (FDIs) amounted to $10 bn on that continent in 1999, against 8 bn the previous year, evolution following a general upward tendency recorded on that continent in the 90s. The report provides the following details: i) some 70% of FDIs to Africa are focussed on five countries alone: these are Angola ($1.814 bn), Egypt ($1.5 bn), Nigeria ($1.4 bn), South Africa ($1.376 bn) and Morocco ($847 million); ii) FDIs linked to privatisation operations fell in relation to the mid-90s when they were at their peak in relation to previous decades. The drop in the number of privatisation projects in most African countries may explain this slowdown but the tendency should be reversed in the near future; iii) a growing number of Western European and North American companies now choose to invest in Africa. Natural resources remain the main source of interest, followed by the manufacturing and services industries. American and French companies invest relatively more in natural resources, the British tend to prefer services and the Irish, German and Swiss prefer manufacturing industries. Unctad has also published the results of a survey it undertook jointly with the International Chamber of Commerce earlier this year among large transnational companies. It emerges that i) progression in FDI flows should continue in future. Indeed, of the 65 companies having responded to the survey, a third referred to their intention of stepping up their investments in Africa in the next three to five years and over half intend maintaining them at their current level; ii) South Africa and Egypt are considered to be the two most attractive countries on the continent. Some countries part of the least advanced countries (LACs) are nevertheless considered to be interesting outlets. These are Mozambique, Uganda, the United Republic of Tanzania and Ethiopia; iii) the sectors of investment regarded as the most promising are tourism, the exploitation of natural resources and telecommunications; iv) although Africa's image remained negative and discouraged foreign investors, the latter nevertheless consider that a distinction should be made between different countries of the continent.