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Many African nations have grown in the international business world through the many natural resources they have been blessed with. Anything from oil, to farm land, to diamonds, Africa has an abundance of opportunities for growth through these resources.
African nations are eager to get help from developed countries through investments in these growing industries. Angola has gone as far as to pass a law to regulate their diamond sector and make it more appealing to foreign investors. The new law requires that half of the revenue made by diamond companies will be used to pay taxes, investors, and also to help the local community. This will hopefully increase the number of investors who are interested in these diamond companies, in addition to helping the communities.
IGE Resources is a Scandinavian company that has invested in diamond projects in several African nations. Recently, they have decided to increase production in one of their mines in Angola in order to significantly boost output and profits. They are planning on doing this in their other mines in Angola and in other southern African countries which will not only help IGE, but those nations as well.
The diamond industry in Africa will hopefully continue to grow with these recent improvements. However, the success of the industry depends on the companies staying free from corruption and pushing themselves to become more efficient and more productive to get the most from these natural resource rich areas.
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