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CONTENTS


Published by The Financial Times Ltd, Bracken House, 1 Friday Street, London EC4M9BT,


UK Tel: +44 (0)20 7873 3000. Editorial fax: +44 (0)1858 461873.


Staff members can be contacted by dialing +44 (0)20 7775 followed by their extension number


Jacopo Dettoni 4339 jacopo.dettoni@ft.com


Editor Global Markets Editor


Alex Irwin-Hunt 6437 alex.irwinhunt@ft.com


Global Investment Reporter


Seth O’Farrell 6450 seth.ofarrell@ft.com


Production Manager andrew.petrie@ft.com


Elliot Smither 6379 elliot.smither@ft.com


Deputy Production Editor Andrew Petrie


Deputy Production Editor Nic Bunce 4318


nicholas.bunce@ft.com


+44 (0)7756 133220 david.robinson@ft.com


Advertisement Executive


Online Editor David Robinson


Paramjit Virdee 6535 paramjit.virdee@ft.com


Art Director


Sophie Horton 4830 sophie.horton@ft.com


Global Business Director


Adrian Northey 6333 adrian.northey@ft.com


Luke McGreevy +971 (0)4 391 4398 luke.mcgreevy@ft.com


Associate Publisher Managing director, FT Specialist


Matt Fottrell +1 646 771 1992 matt.fotrell@ft.com


B2B Marketing Manager


Lauren Drew 4462 lauren.drew@ft.com


Senior Marketing Executive


Jay Seenundun 6896 jay.seenundun@ft.com


Magazinecustomerservices


CDS Global, Tower House, Lathkill Street, Sovereign Park, Market


Harborough, Leics, UK. LE16 9EF ft@subscription.co.uk


tel: 0845 456 1516 (customer


services) 01858 438417 (overseas), fax: +44 (0)1858 461 873


The Financial Times adheres to a self-regulation regime under the FT Editorial Code of Practice: www.ft.com/editorialcode


Printed by Walstead Group in the UK


Registered Number: 227590 (England and Wales) ISSN: 1476-301X©Financial Times Ltd 2021. FDI is a trade- mark of Financial Times Ltd 2021. “Financial Times”


form of advertising without prior permission in writing fromthe editor. No responsibility for loss occasioned to any person acting or refraining fromacting as a


and “FT” are registered trademarks and service marks of the Financial Times Ltd. All rights reserved. No part of this publication may be reproduced or used in any


result of material in this publication can be accepted. On any specific matter, reference should be made to an appropriate adviser. Registered Office: Bracken House, 1 Friday Street, London EC4M 9BT, UK


Reprints are available of any fDi Magazine article, with your company logo and contact details inserted if required (minimumorder 100 copies). For details telephone 0207 873 4816.


REGULARS 06


GLOBALNEWS


Covid-19 fuels tech interest; Record high for M&As;


08 09


10 11


For one-off copyright licences for reproduction of fDi magazine articles telephone 0207 873 4871. Alternatively, for both services e-mail synd.admin@ft.com


12 14


Yellen calls for mininum tax rate. GLOBALLAWYER


From blood diamonds to reeducated cotton.


FREEZONES


Is emerging countries’ faith in SEZs justified; UK to


create 8 freeports; Dubai’s free zones to allow crypto assets.


HEADTOHEAD


fDi weighs up the benefits of Mississippi and Arkansas.


VIEWFROMTHEC-SUITE


Nigerian serial entrepreneur Onyeka Akumah


is setting his sights on public transportation.


COMPANYPROFILE


Additive manufacturing specialist Materialise


believes Covid-19 has accelerated development.


EXECUTIVEDECISION


Johnson & Johnson draws confidence from China’s


R&D boost. DEVELOPMENTSITES


15 4


Apple will build a new facility that will focus on


connectivity and wireless technology.


THESLIPPERYSLOPEFROM SECURITYTOSOVEREIGNTY


40 42


Covid-19 has propelled governments’ FDI


screening to new heights, posing dangers for economies and investors alike.


BEYOND20


ITMATTERSHOWWEMOVE MONEY.HERE’SWHY


Mastercard’s CEO explains why the new age of digital


payments is good news for everyone.


COVER STORY 18


18


a tight market for tech talent. THERETURNOFCAPEX


16 COVER STORY


A new investment cycle is shaping up, but it diverges


across geographies and industries.


GLOBALINNOVATION LEADERSIN2020


24 28


An fDi analysis of the world’s top 100 R&D


investors during the pandemic.


fDiAFRICANTECH ECOSYSTEMSOFTHE FUTURE2021/22


South Africa has come out on top of the inaugural


African Tech Ecosystems of the Future rankings.


RISINGECOSYSTEMS


The success of Tel Aviv’s start-up scene has created


‘IWANTUSTODOUBLE INTRA-AFRICANTRADE BY2035’


chance to boost regional trade, secretary Wamkele Mene tells fDi.


44


comments on the pressing need for true diversity in the tech sector.


46


‘RESILIENCEISNOTHING WITHOUTVISIBILITY’


the pandemic has made the need for transparency in the fashion industry greater than ever.


48


of the global economy, with governments, chipmakers and their customers striving to consolidate supply.


89


THINKTANK DESIGNED IN ETHIOPIA; MADE IN CHINA


substantially in recent decades, bringing benefits and risks to the African country, writes Jos Meester.


92 www.fDiIntelligence.com April/May 2021


The Ethiopian–Chinese partnership has developed


TECH


GLOBALCHIPSCRUNCH PROMPTSWAVEOFFDI


The semiconductor sector has become the linchpin


Fashion Revolution’s founder tells fDi about how


THEFUTUREOFDIVERSITYIN TECHOLOGY


Eileen Burbidge, founding partner of Passion Capital,


The African Continental Free Trade Area has a


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