Africa's level of foreign investment has grown over the past five years, but it is the emerging markets, which include China, that are winning hearts and wallets in Sub-Saharan Africa, pushing aside traditional investors from the West.

In the results of the third Africa Attractiveness Survey, published early in May, global financial advisory firm Ernst & Young revealed that investment from emerging markets had maintained a rate of 21 percent since 2007.

By contrast, investments from Africa's previous big investors, France, the United States and the UK "were considerably down," according to the report. Since 2007, foreign direct investment (FDI) from the West has fallen by 20 percent, with the UK being the only Western nation to grow its investments on the continent, which only increased slightly.

Economists at Ernst & Young interviewed over 500 global business leaders, both those with investments in Africa and those who are considering investing in the future, on their views about the continent's business environment.

The findings showed that while Africa's share of FDI has grown from 3.2 percent in 2007 to 5.6 percent in 2012, investments have mostly come from emerging markets such as China, India, South Korea and Saudi Arabia.

China alone has 152 projects underway on the continent at the moment, but companies from the country have also already completed several projects and have been awarded new contracts for projects that have yet to start. In total, China has been involved in over 350 projects in the past five years, and the nation has led almost a third of the African projects funded entirely by foreign investors.

Africa's GDP is expected to grow by 4 percent this year and 4.6 percent in 2014, according to economists at the firm.

China's rise as Africa's most favored investment partner is not news, especially considering that China has pumped over $60 billion in loans into Africa through the Export-Import Bank of China since 2001, making it the continent's biggest financier.

So why is China overtaking the West at this pace, even as a number of Western critics deride China's charm offensive as the new "colonialism?" Economists say that China has identified the right issues to address in Africa.

James Shikwati, Director of the Inter-Region Economic Network, a Nairobi-based think-tank on African economic issues, believes China is winning because it has treated African countries as equal. For instance, he argues that through the Forum on China-Africa Cooperation (FOCAC), African countries engage with China while enjoying equal standing.

There are other reasons for China's investment dominance. China's zeal in infrastructure investment fits perfectly with Africa's developmental needs. "Africa sorely needs roads, railways, and ports to improve trade. China has seen this as an opportunity, but the benefits are mutual," said David Muge, a professor of economics and entrepreneurship at Mt. Kenya University.

"Over recent years, the Chinese have been making offers to all sorts of governments, some of which the West has shunned," he told ChinAfrica.

"But you've got to look at it from a two-dimensional perspective: China gets the money, Africa gets the roads. That model works for both sides."

Last year alone, there were over 800 active infrastructure projects across different sectors in Africa, together worth $700 billion. China was involved in about a third of these, mainly in energy and transport sectors.

Although 80 percent of the business leaders interviewed by Ernst & Young spoke positively about the benefits of investing in Africa, the main drawbacks mentioned were the lack of necessary infrastructure to ease business operations.

The findings also stated, "The two fundamental challenges that are facing those already present and those looking to invest in Africa are transport and infrastructure logistics, anti-bribery and corruption."

Some analysts think that China's growing bond with Africa originates from the fact that many of the continent's leaders have watched China's rise and admire the country's determination.

"It is a thing that Africa can relate to. It was not long ago that China made the turn to prosperity and its growth [has been closely] observed by Africa. It is something that Africa emulates," said Apuuli Kasaija, a political scientist at Uganda's Makerere University.

(Reporting from Kenya)