{{Very soon Africa will produce more oil than the Middle East as the continent becomes a focal point in global business.}}

The remarks were made by Rwanda’s Commercial Attaché in DC, USA, Bonny Musefano while addressing students at the University of California Los Angeles (UCLA).

“Africa offers the highest return on foreign direct investment in the world, far exceeding all other regions,’’Musefano remarked.

Musefano represented the Ambassador of Rwanda HE. Eng. James Kimonyo as the keynote speaker at the 7th Annual Symposium “Business of Africa” May 18-19, 2012 hosted by the African studies Center.

Citing various business success stories in Africa, he said, this is the decade for Africa to shine.

He passionately told of how Rwanda, a small, over populated country in the heart of Africa is the third easiest country in Africa to conduct business after South Africa and Mauritius and that Rwanda seeks to become a business hub for the wider great lakes region.

Bonny further argued that Africa offers the highest return on foreign direct investment in the world, far exceeding all other regions. While petroleum products are the driving force behind those returns, other sectors offer impressive growth.

“There is no reason why we should be the world’s suppliers of cheap commodities and yet remain a vast market dependent on the outside world for most of our consumable goods”.

He was confident that when African countries address the problem of insufficient energy, improve transport network, easy access to good quality internet, enhance the business environment by reducing beaurcracy and good governance, Africa will out compete many continents in business endeavors.

During the Question and answer session, Musefano attributed the success of Rwanda to the resiliency of the Rwandan people and the outstanding leadership of President Paul Kagame.

He noted that Rwandese chose to look forward and restore the pride of their country. Rwanda has zero tolerance to corruption, consistent accountability mechanisms have been put in place, and investors feel secure to do business at home.

He also attributed the success of Rwanda to vibrant domestic and foreign private sector which has steadily boosted Rwanda’s economy.

Dr.Francoise Lionnet, the Director of the African Studies UCLA was optimistic that time had come for Africans to spearhead development strategies of their own continent.

She acknowledged that part of Africa’s challenge was capacity development which has steadily improved and that Africa was now ready to compete on the global market.

The two day conference was opened by entertainment from the World Arts and Culture department UCLA as well as Rwandan Students dancing group of California Baptist University.

The African Studies Center at UCLA is one of the oldest and the biggest departments in USA with various academic disciplines that focus on Africa.