africa’s emerging partnerships: the role of china · 2018-05-02 · trading profile •...
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Africa’s Emerging Partnerships: The Role of China
African Economic Outlook 2010 Expert Meeting
Organised by the OECD, AfDB, UNECA and UNDP
12th October 2010, Paris, France
Hannah Edinger, Senior Manager, Frontier Advisory
Discussion Points
• Introduction to China-Africa Relations
• Trends in Commercial Engagement
• Trade
• Investment & Financing Activities
• Development Assistance
• Policy Issues
• Conclusion
Introduction to China-Africa Relations
The Role of China in Africa?
China in Africa
• The new colonialists?
• The new capitalists ?
• The new (last?) partners in Africa‟s
development?
Relevance of historical relations
• Commercial relations between China & Africa have gained significant
momentum in the last decade
• But trade relations date back several centuries, to the 8th Century, 14th-15th
Century
• Engagement & friendship post formation of People‟s Republic of China in 1949
• Since 1955 Bandung Conference in particular: Asian and African states re-
enforced non-alignment and greater economic and cultural cooperation
• Ideological solidarity for Africa, against colonialism & imperialism, backing newly
independent African states
• Support to African states to gain support for China in UN Security Council,
backed by infrastructure loans and agricultural cooperation
• Period characterised by ideological drivers as China sought political support
• With internal reforms post 1978 in China, support for Africa waned
• In the late 1990s support for Africa increased again as China‟s growth rate
escalated
Introduction to China-Africa Relations
Contemporary relations
• Since turn of the century there has been a shift in China‟s policy towards Africa
• As “China Inc.” started to internationalise after 1998, Africa became a strategic
focus for Chinese outward-bound companies, especially in the extractive
industries
• Beijing accorded Africa renewed political importance, based on geo-strategic
and commercial interests, rather than ideological ones
• Renewed focus between China and Africa resulted in conceptualisation in
FOCAC
• Vehicle to coordinate China‟s foreign policy objectives in Africa; roadmaps
of engagement
• Greater political and diplomatic engagement through FOCAC has paved
commercial relations & has facilitated inroads of Chinese companies into key
sectors
Introduction to China-Africa Relations
Source: IMF, EIU, Frontier Advisory analysis
Almost an absolute correlation
after 1999 – Coincided with
China‟s New Africa Policy
1996 1999 2007 Beginnings of a growth correlation
-2
0
2
4
6
8
10
12
14
16
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010f
%
Africa real GDP growth China real GDP growth
Africa‟s growth is tracking the
V-shaped recovery of China
since mid-2008
1999-2008: Growth correlation of 0.919972!
China & Africa – the new growth coupling
China-Africa Trade Relations
Greater political ties paving way for trade relations
• DIRECT: Greater political and diplomatic engagement has paved the way for
increasing inroads of Chinese corporates into key sectors and trade
• INDIRECT: China‟s rise has further integrated Africa into the global trading
system given increasing trade with the continent
• Global economic and financial crisis has seen China displace key trade partners
of Africa: in 2009 China became the #1 trading partner of SA
• China became the second single largest trading partner of the continent end
2008
• This has increased Sino-African trade in two ways:
• Securing access to commodity resources and thus bolstering African
exports to China (resource-seeking)
• Brought the product supply chain of largely construction and engineering
companies to Africa; seeing increasing African imports of capital and
consumer goods (market-seeking)
Introduction to the Trading Relationship
Lower commodity prices informed lower trade values in „09
0
10,000
20,000
30,000
40,000
50,000
60,000
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
US
$ m
China's imports from Africa China's exports to Africa
Source: China Customs, World Trade Atlas;
Sandrey & Edinger (2010)
• Trade up from $3.9bn in
1995, to $106.8bn in 2008,
and down 15.7% to $90.01bn
in 2009
• Target of $100bn by 2010
• Chinese imports from Africa
down 24.34% due to lower
commodity prices
• Chinese exports to Africa
down only 6.18%
• Main imports into China
continue to be oil (66%)
• Africa mitigated some of the
losses of the crisis by
“running faster”
The trading relationship
Trading profile
• Africa‟s trading profile dominated by
resource exports and thus by key
economies
• In 2007, about 70% of exports made
up of crude oil
• In 2007, about 80% of all exports
constituted crude oil, iron ore, wood,
diamonds (highly concentrated)
• On imports side, key imports
include: machinery and capital
goods, consumer goods including
clothing & textiles, electronics, etc.
(more diversified)
Underpinned by resource exports
Source: World Trade Atlas
0
10
20
30
40
50
60
70
80
90
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Pe
rce
nta
ge
(%
)
Exports of repaired imports Diamonds Wood Iron ore Crude Oil
Key trading partners
• Looking at Africa, trade is dominated
by resource-exporting countries
• 4 countries: Angola, South Africa,
Sudan and Nigeria together accounted
for 55% of Africa‟s trade with China in
2008
• Key exporters: Angola, South Africa,
Sudan, Congo (74.42% of total value:
$55.9bn)
• Key importers: South Africa, Nigeria,
Egypt, Angola (47.35% of total value:
$50.9bn)
And dominated by select partners
Source: China Customs, World Trade Atlas
Key partners in 2008 US$ bn Cum share
Angola 25.3 23.7%
South Africa 17.8 40.4%
Sudan 8.2 48.0%
Nigeria 7.3 54.9%
Egypt 6.2 60.7%
Algeria 4.5 64.9%
Congo 4.3 68.9%
Libya 4.2 72.8%
Morocco 2.8 75.5%
Eq Guinea 2.5 77.8%
Benin 2.4 80.1%
Gabon 1.9 81.8%
DRC 1.8 83.5%
Ghana 1.8 85.2%
Ethiopia 1.3 86.4%
Total Africa 106.8 100%
Africa‟s trade:
China vs the US
• How different is Africa‟s X
profile to China from its X
profile to the US?
• How different is China‟s X
profile to Africa from its X
profile to the world?
But shows striking similarities
Source: US Department of Commerce and World
Trade Atlas data, in Sandrey and Edinger (2010)
HS Sections
Africa to
China
Africa to
the US
China to
Africa
China to
World
Total $ billion 55,883 113,520 50,869 1,428,869
Mineral fuels 83.9% 86.1% 1.6% 2.5%
Precious metal 3.2% 4.2% 0.1% 0.6%
Textiles & articles 0.8% 2.0% 17.5% 12.5%
Transport 0.0% 1.7% 11.0% 5.0%
Base metals 4.6% 1.5% 13.9% 10.1%
Chemicals 0.7% 1.3% 4.6% 4.8%
Prepared food 0.5% 0.9% 1.2% 1.3%
Machinery & elect 0.7% 0.6% 31.8% 42.7%
Special 2.8% 0.5% 0.0% 0.1%
Vegetable fruit 0.3% 0.4% 1.5% 0.8%
Plastics & rubber 0.3% 0.3% 4.3% 2.9%
Wood 1.8% 0.1% 0.7% 0.8%
Animal prod 0.1% 0.1% 0.3% 0.6%
Misc man 0.0% 0.0% 3.2% 5.8%
Footwear etc 0.0% 0.0% 3.2% 2.5%
Stone/glass/ceramics 0.0% 0.0% 2.3% 1.6%
Pulp & paper 0.1% 0.0% 0.7% 0.7%
Instruments 0.0% 0.0% 1.2% 3.3%
Stone/glass/ceramics 0.0% 0.0% 2.3% 1.6%
Key export & import partners
in 2008
• Oil exporters of Angola, Sudan,
Congo; recently also Libya
• Iron ore in the case of South Africa
• Large trade deficits for China in
terms of Angola, Sudan and Congo
• Imports from China in Nigeria and
Egypt dominated by construction
related materials, consumer and
capital goods
• South Africa near balanced trade
China-Africa Trade Figures
Source: World Trade Atlas
0
5,000
10,000
15,000
20,000
25,000
Angola South Africa
Sudan Congo Nigeria Egypt
$m
Exports to China Imports from China
China‟s top trading
partners in 2009
• Top 10 trade partners include
US, Germany, Australia and
other Asian economies
• If Africa were a single
country, in 2009 it would
have been China‟s 7th largest
trade partner
Individual African states not significant
Source: China Customs Data, Frontier Advisory analysis
2009
Rank
Country/
region
Volume
(US$ bn)
% change
over 2008
1 United States 298.3 -10.6
2 Japan 228.9 -14.2
3 Hong Kong 174.9 -14.1
4 South Korea 156.2 -16
5 Taiwan 106.2 -17.8
6 Germany 105.7 -8.1
- Africa 90.1 -15.7
7 Australia 60.1 0.7
8 Malaysia 52 -3
9 Singapore 47.9 -8.8
10 India 43.4 -16.3
• Dramatic increase of direct trade between China and Africa
• Investments/credit lines/barter deals resulting in a surge of trade
• Some growing trade surpluses with China
• Largest for oil producers
• But large trade deficits with China
• Little trade in intermediate goods
• Exporting commodities to China (without adding much value)
• Importing consumer goods and capital goods into Africa
• China‟s trading partners in Africa highly concentrated
• 4 countries form bulk of trade
• Trade flows closely follow comparative advantages
• China exports labour-intensive manufactures and high-tech products
• Africa exports raw materials and mineral fuels
• Agricultural products not as prominent yet due to comparative advantages
• Competition of China re manufacturing capacity (particularly textiles) in Africa
and opportunities in third markets
Stylised Trade Facts
Several direct & indirect channels & effects
1) Growth of African exports to China complementary effect
2) Increased competition in third markets for Africa competitive effect
3) Increased Chinese competition in Africa competitive effect
4) Effects of FDI – competitive and complementary effects
5) Indirect impact through commodity prices
6) Increasing Chinese demand resulting in increasing global demand
7) Impact of Dutch disease/ postponed industrialisation/ “deagriculturalisation”
Stylised Trade Facts
Direct & indirect impacts
in terms of TOTs
- Potential winners:
resource-rich countries
- Potential losers:
agric commodity
producers/textile
producers, oil importers
- Mixed:
cotton, metal or mineral
exporters but oil
importers
Stylised Trade Facts
Measures facilitating trade
• Inroads of China Inc into Africa in various sectors
• Supply chain that follows facilitating imports into Africa
• Provision of export credit facilities
• Lack of industrial and supply-side capacity in Africa
• Preferential access of LDC products into China; but diplomatic offering has
limited economic benefits
• 440 products; 95% of all products by 2012
• Key exports (resources) already have almost duty-free access given the nature
of trade
• Average assessed duty is 0.83% for African exports at Chinese border
• But raw cotton attracts duties of about 40%
Market Access & Barriers
Measures hindering trade
• Barriers to trade for African products: tariff measures and non-tariff barriers to
trade
• Lack of FTA?
• SACU-China FTA benefits small but impact on “trade chilling”
• Dutch disease/ lack of investment into greater value-added exports
• Not competitive: inadequate infrastructure in Africa & high transaction costs
• Language and cultural differences
• Lack of understanding distribution channels & trust
• Anti-Chinese sentiment/ Misperceptions
Market Access & Barriers
China-Africa Investment and Financing
Activities in Africa
• Chinese overseas investment
especially encouraged since 1985
• SOEs designated and supported
by state to „go global‟
• More than 5,000 domestic Chinese
investment entities had by end
2006 established over 10,000
overseas enterprises in 170
countries
• More than 8,500 domestic Chinese
investment entities had by end
2008 established over 12,000
overseas invested enterprises in
174 countries
Chinese Outward FDI
2,855 5,498
12,261
17,634
26,506
55,907
0
10,000
20,000
30,000
40,000
50,000
60,000
2003 2004 2005 2006 2007 2008
US
$ m
Chinese Outward FDI (2003-2008)
Source: Ministry of Commerce of PRC, National Bureau of
Statistics of PRC, State Administration of Foreign Exchange, 2009
• Asia continues to be
destination of choice for
Chinese outward FDI
• Used to be followed by Latin
America but was displaced by
Africa in 2008 (due to large
inflows into South Africa that
year)
• But offshore financial hubs
skew distribution of Chinese
FDI by region
Chinese Outward FDI
Chinese Outbound FDI flows by region (2008)
Source: Ministry of Commerce of PRC, National Bureau of
Statistics of PRC, State Administration of Foreign Exchange, 2009
78%
10% 7%
3% 1% 1% Asia
Africa
Latin America
Oceania
Europe
North America
• Previous years, SANE economies
used to be top recipients of
Chinese FDI
• FDI flows are resource-biased
looking at FDI recipients in last few
years
• Top African recipients in 2008 were
South Africa, Nigeria, Zambia,
Algeria
• But FDI figures perhaps understate
China‟s activity on the African
continent
Chinese Outward FDI
Chinese Outbound FDI flows to Africa (2003-2008)
Source: Ministry of Commerce of PRC, National Bureau of
Statistics of PRC, State Administration of Foreign Exchange, 2009
74.81 317.43 391.68
519.86
1,574.31
5,490.55
0
2,000
4,000
6,000
2003 2004 2005 2006 2007 2008
US
$ m
• FDI to Africa has been
increasing rapidly but from a
very low base
• By 2006, 800 Chinese
companies in Africa, dominated
by activity of SOEs
• By 2008, 2,000 Chinese
companies in Africa including
also more small private
businesses
Chinese Outward FDI
Change in China‟s Outbound FDI Flows (2003-2008)
Source: Ministry of Commerce of PRC, National Bureau of
Statistics of PRC, State Administration of Foreign Exchange, 2009
254%
504%
531%
1,858%
2,793%
5,661%
7,239%
0 2,000 4,000 6,000 8,000
Latin America
Europe
North America
World
Asia
Oceania
Africa
%
Investment: Chinese companies‟ inroads into the continent
• Sino-African trade spurred by inroads of Chinese companies
• Investments of these companies in recent years mainly in extractive industries
but expanding and diversifying across sectors
• Chinese investments on the continent up significantly but from a low base
• But data issues: disaggregated and sector data not readily available
• By 2002: $982.7m cumulative Chinese FDI in Africa (2.6% of Chinese global
cumulative outward FDI)
• By 2007: $13.5bn cumulative Chinese FDI in Africa (14%) [Sources: Gu (2009),
UNCTAD (2009)]
• Investments and inroads supported by FOCAC commitments/3-year roadmaps
• Other sources of funding also ODA and remittances
• ODA supports JVs and inroads for Chinese companies and Chinese products
into continent
• Loan/debt financing, concessional lending, grants (in-kind), other aid
Chinese Outward FDI
A commercial opportunity
• US$93bn infrastructure financing and maintenance gap in Africa
• Most visible involvement of Chinese companies in construction
• Road, rail, ports, power, ICT, social infrastructure, etc. • China‟s power sector activity is substantial
• 2001-2006: EXIM Bank alone funded more than aggregate investment of all
ODA flows and private participation in infrastructure in Africa‟s power sector
(IMF, 2008)
• Increasing bidding and tendering for projects across continent
• Vital infrastructure packages and rollouts linked to mining rights and access to
key resources (Angola Model) largely supported by Chinese Government and
financial institutions -> secured project financing
• Addressing supply side constraints vs creation of platform for private sector
expansion
• Key players
• China EXIM Bank
• CDB/CADFund
Construction & Infrastructure
CADFund: the first Chinese equity investment fund
focusing on investments in Africa capitalised to the value
of US$1bn (and up to US$5bn)
The China Exim Bank: Currently the world‟s largest
export credit agency (ECA); China‟s leading policy bank
and sole provider of govt concessional loans to Africa
China Development Bank: dedicated to the mission of
strengthening the competitiveness of China and
supporting the State's medium-to long-term development
strategies and policies; investments into Africa; capitalised
CADFund
China Construction Bank: one of the four largest
commercial banks in China – world‟s second largest
bank by market cap; involved in mainly trade finance in
South Africa, but looking to build portfolio of projects
financed
Bank of China: a leading commercial banking group;
recently signed MoU with Ecobank in Ghana.
Chinese sources of financing & investment:
Banks
ICBC: world‟s largest bank by market cap bought a
20% stake in Standard Bank, to pursue, among other
things, joint project financing in key sectors in Africa
Investment and diversification of mounting Chinese
foreign exchange reserves, through vehicles such as
SAFE Investment Company and China Investment
Corporation
Investments of high corporate savings of SOEs;
constituted 49% of total savings in China in 2008 (HH
savings 32%; govt savings 19%)
Small private investments by entrepreneurs and traders;
remittances; etc.
Chinese companies have been making inroads also on
the back of project financing extended by the AfDB, and
the World Bank. China is winning most of AfDB
contracts and is the largest single country winning
World Bank contracts in Africa
Chinese sources of financing & investment:
Other sources
High rate of Chinese corporate
savings
Sovereign Wealth Funds
Private sources of financing
Donor finance
Other Eg. Hong Kong-based China International Fund (private
bank? Fund management company?)
After an agreement was signed in April
2008 between the DRC Government and
EXIM Bank for an approximate investment
package deal of $9bn, opposition from the
IMF has led to the investment being
reduced to approx. $6bn
The “Angola Model” has become the
stereotypical financing arrangement of
China Inc in Africa – tying commodity off-
take arrangements to an infrastructure
rollout. This is linked to key infrastructure
corridor construction by Chinese firms into
the Angolan hinterland
Key infrastructure corridors?
West-East Transport Corridor?
A green revolution in Africa?
• Characteristics of the agric sector in China vs that in Africa - constraints
• The role of the right policy framework, technology, infrastructure & extension
• Chinese cooperation in SSA agric spans over 5 decades
• Highly uncoordinated in the past
• More than 200 agric cooperation programmes since 1960 in 40 states,
including agri-technology programmes
• More than 10,000 Chinese agric experts dispatched in Africa during this period
• About 300 Africans study agric courses in China every year
• Since 2000 also shorter agric training programmes for Africans in China
• Increasing dispatching of Chinese agric experts & technicians in Africa
• Increasing FOCAC commitments re to agricultural sector development in Africa
(both directly and indirectly)
• Land grabbing?
• Agricultural demonstration centre in more than 2 dozen countries
Agriculture & agro-processing
South Africa as a destination for Chinese capital
• Largest recipient of Chinese outward FDI (Std Bank-ICBC deal)
• Largest economy in Africa with most sophisticated markets
• Limited loans/credit lines/ODA and infrastructure projects from China
• Well-developed infrastructure
• Established institutional and regulatory frameworks
• Springboard into Africa
• Access to markets
• Access to technologies
• Access to management skills
• Building global capabilities
• Established and sizable companies for JV opportunities
• Investments beyond resources
• But local ownership and BEE requirements
• Anti-Chinese sentiment?
Key country activity
China-Africa Development Assistance Relations
What is Chinese ODA?
• Chinese definition of aid vs donor language
• Project specific, package deals, turnkey projects and not programmes
• Loan financing towards larger infrastructure projects traditionally ignored by
Western partners but seen as prerequisites for growth (transport & power)
• Size of aid, aid commitments vs disbursements? Transparency?
• Concessional loans of EXIM Bank
• Uncoordinated approach – multiple players
• Complexity – multidimensional approach of cooperation: high level exchanges,
coop in international affairs, trade and inv, agric & health, aid, education & science,
culture & sports
• Bilateral approach vs multilateralism of promoting interests of LDCs
• Conditions? One-China policy; tied aid; no strings attached policy
• Loan criteria? Depending on negotiations with host country and bargaining power of
that country (eg. Angola)
Development assistance
• Aid effectiveness
• Duplication of efforts and high transaction costs for recipient countries due to
multiple donor programmes, etc; China feels its aid is effective as it is on a turnkey
basis; signed Paris Declaration on Aid Effectiveness
• Move towards coordination of efforts with other donors and programmes?
• Debt sustainability
• Will new loans from China undermine debt sustainability of borrowing economies?
Projects undergo evaluation for approval: • robust project returns;
• consultations with IMF offices to be in line with debt sustainability framework;
• part of country‟s development plans.
• China accused of being a free rider
Development assistance
• China not regular participant in donor meetings yet
• Huge barrier of suspicion
• Best outcome from China emerging as a new partner for Africa:
• Other donors step up their game as China is challenging their practices
• Reforming some of existing mechanisms which currently fall short of longer
term solutions
• Effectively there is no conclusive evidence yet on what China means for Africa‟s
development
• Sustainability of aid projects but also of investments
• require training to strengthen sufficient ownership of projects
• strengthen capacity of local workers
Development assistance
Policy Issues
What does the road ahead look like?
How will China influence Africa‟s development?
• Will China be different? No conclusive evidence on what China means for
African development
• Will China underpin a new economic growth path for Africa? Is there an
emerging Beijing Consensus in Africa?
• How can projects and investments be aligned to development objectives and
become more sustainable?
• Which countries will be most/least affected? Small wins and growth hotspots
• What does China‟s presence mean for regional integration in Africa?
• Does Africa need a China engagement strategy?
• Will Africa be led by the right leadership to gain from the opportunity China
presents?
• Greatest challenge to manage resource rents, to invest these LT and to
diversify economic base of economies
Diversification opportunities for Africa‟s economic profile
Three areas of support to increase Africa‟s economic activity
1) China‟s resource demand (both hard and soft commodities)
• Leverage China‟s resource demand by increasing local beneficiation and processing
capacity for key commodities instead of exporting raw commodity; positioning of
countries (eg. SA; Nigeria?)
• Role of agricultural sector?
2) China‟s constructive infrastructure rollouts
• Economic activity & competitiveness = hampered by inadequate transport, ICT,
power and water infrastructure resulting in high transaction costs
• Significant and large-scale infrastructure rollouts in power, road, rail, ICT lowering
transaction costs creating platform for private sector development & growth
• But are these rollouts part of greater country strategy?
3) China‟s rollouts of Special Economic Zones (SEZs)
• Creating of geographic dedicated zones conducive to investment, clustering of
activity, key infrastructure, export-orientated (manufactures), employment opp‟s
• Promote skills and technology transfers, establish
forward and backward linkages, increase forex earnings
Spillovers for Africa from China‟s engagement
Spillovers for Africa from China‟s engagement
China‟s impact on Africa‟s industrialisation?
• Aiding
industrialisation
versus
• Postponing
industrialisation &
diversification?
• China vs WTO
policies of the West?
Policy issues
Trade: Can Africa diversify its economic structure and
improve growth through trade with China?
• Trade creation vs trade diversion in terms
• Existing patterns of trade not in line with LT development objectives
• Need to diversify export base for LT growth and (industrial) development
• Trade policy measures in Africa reactive rather than proactive
• The role of trade preferences, addressing tariff and NTBs to trade • Lack of integration into global supply chains
• Supply-side constraints, particularly infrastructure and transaction costs
• The impact of Dutch disease – rising real exchange rate on exports
• Deindustrialisation? Destruction of industry that does exist due to imports of
cheaper Chinese products (despite the positive welfare effects); Or is it a form of
postponing industrialization in Africa?
• LT strategy – capacity building in labour-intensive industry to position long-term vis-
à-vis Chinese rising wage costs
• Defining the role of different stakeholders ito product
safety, standards and quality
Policy issues
Inadequate financial resources to finance LT development
• FDI and financing shortfall in a number of sectors • How to attract investment beyond raw material exports
• Creation of active assets & wealth creation
• Importance of channeling investment into local beneficiation
• Infrastructure investments and rollouts need to be part of greater country
development strategy
• Upping skills and technology base and stock in Africa – retaining skills
• Is Chinese investment and financing crowding out other sources of funds?
• Can Africa negotiate deals that are really best for not only the political elite?
• The role of SEZs/EPZs in creating incentives and spurring manufacturing activity,
backward & forward linkages, and regional integration
• Need to understand the interaction and interdependence between trade, aid and
investment
• Addressing issues of capacity, eg. Govt, supply of inputs
• Negotiation of contracts – potential debt build up?
• Standards, regulations, monitoring & enforcement
• Governance, transparency, etc.
Conclusion
Maximising the benefits and minimising the costs of
engagement
• What lessons and best practices can be learnt and applied from the
developmental experience of actors such as China?
• Understanding the direct but also the indirect effects of commercial relations
with China
• Understanding the competitive vs complementary effects and opportunities of
collaboration
• Understanding the diversity of actors in the engagement
• Creation of greater policy space for African countries, how best to leverage this
• Long-term sustainability of relationship
Overview of Discussion Thank You
Hannah Edinger Hannah Edinger
Senior Manager & Head of Research Research Associate
Frontier Advisory China Africa Network , GIBS
University of Pretoria
T +27 11 447 8038
F +27 11 447 8439 T +27 11 771 4332
E [email protected] F +27 86 638 2680
W www.frontieradvisory.com E [email protected]
Overview of Discussion
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