As the 21st century has trudged on into its second decade, the increasing rate of globalization that has encouraged integrated global markets has also brought emerging markets into the spotlight of international business. Although strong economies like China, India, and Brazil have captured most of the international community’s attention, sub-Saharan African countries are beginning to make their impact on the global economy. Sub-Saharan Africa is now home to 6 of the world’s top 10 fastest growing countries in the world, and these countries have been projected by the IMF to grow between 5 and 6 percent each year over the next two years. Additionally, U.S. exports to the region now exceed $21 billion per year. Clearly, the African continent of over 1 billion people and vast natural resources has tremendous potential for investors in a global economy, but one question remains: How exactly do you approach a market place as, frankly, notorious as sub-Saharan Africa?
In this blog series, the globalEDGE team will provide you with some basic insights into how to approach doing business in Africa. First of all, we will examine the lessons that global business leaders have learned about economic uncertainty from their experiences in Africa. Secondly, we will argue why companies looking to expand into African markets should first being by focusing their operations with smaller countries. Next, the topic of cloud computing will be discussed with regards to the opportunities it provides for African entrepreneurs. Lastly, an analysis regarding Africa’s future economic prospects will be provided regarding the region’s future impact on an increasingly global economy.
Alongside this blog post, globalEDGE offers several other resources regarding how to do business in sub-Saharan Africa. To begin, the gE modules offer a specific report regarding how to do business in Africa, including case studies, cultural insights, and advice regarding growing industries in different countries throughout the region. Furthermore, globalEDGE offers country insights, information on African trade blocs like the SADC, COMESA, and ECOWAS, as well as other blog posts regarding international business in Africa.