聚焦非洲（英文版）

Made inAfricaExploring international and local legal considerations for investors in, and from, AfricaIssue 14 December 2015bKing & Wood Mallesons / Made in AfricaDAVID PARKES Partner, Co-Head of Africa Group King & Wood Mallesons UK T +44 (0)20 7111 2438 david.parkes@eu.kwm.comEditorialBARRI MENDELSOHN Managing Associate Editor King & Wood Mallesons UK T +44 (0)20 7111 2831 barri.mendelsohn@eu.kwm.comWelcome to Issue 14 of our market leading publication “Made in Africa”. Again we focus on the latest legal and market developments, with our partners in Africa, that are of interest to investors and businesses operating on the continent.The macro-economic picture continues to influence investment. Continuing pressures on commodity and oil prices and global demand as well as weakening growth forecasts have seen a shift in investment priorities and governments looking more closely at incentivising investment in non-resource sectors as they tussle with fiscal tensions and economic balance. Certain elections have come and gone and the new governments have started to outline their plans over the next term. Despite this backdrop, private funds have continued to be raised (approaching record levels), particularly driven by the consumer facing industries as well as power, real estate and infrastructure. The world’s institutions have also continued to show their support both directly and indirectly (for example the guarantee for the recent sovereign bond issue by Ghana which includes an attractive 15 year maturity term).Power capacity as always has been high on the agenda and we are seeing increased opportunities across both non-renewable and renewables/clean energy sectors and this in turn is seeing interest in funds focused on these sectors which follows initiatives such as Africa 50 and Power Africa. Other sectors such as financial services, healthcare, education and retail are also getting more attention.This issue looks at these developments and corresponding legislative initiatives looking to attract increased investment. We look at key economies such as Nigeria, Ghana, Tanzania and Ethiopia as well as the latest views of experts on China’s approach to Africa following slowing demand and its re-positioning into a consumer economy. We also look at key areas for investors such as protecting your brand across Africa and changes in merger controls.In addition to these latest legal developments we also report on a number of events we have hosted including our seventh annual Africa Group Braai and Women in Private Equity as well as the latest from ILFA (International Lawyers for Africa). We hear the views of a leading investor in the Agriculture sector and our experts who attend events such as the recent visit of the President of Mali to Paris and the workshop for government officials to learn more about international energy sector investment agreements. We would like to personally thank all our contributors, particularly our friends from Africa