Scott Minerd, chairman of investments and global chief investment officer at Guggenheim Partners, was upbeat on Africa as an investment opportunity during a panel discussion about the continent Tuesday at the Milken Institute Global Conference in Beverly Hills, Calif.
Mr. Minerd said the incredible growth in Africa got his attention. “This is Asia in the early days,” he added. As the continent evolves, some events will look peculiar to Westerners; the same was true of China in the late 1980s, he said. “I will not make the same mistake (of not investing) again,” with Africa.
Mr. Minerd said the biggest opportunity “is the emerging middle class in Africa.”
Former U.K. Prime Minister Tony Blair agreed, saying Africa is the most exciting continent in the world because of its opportunities. He added that people should focus more on opportunities than problems.
When asked how to sum up the opportunity in Africa, Mr. Minerd replied: “The opportunity is now, don’t wait.”