Africa had been at a disadvantage for several decades now due to its reputation with political insurgencies and wars. The local African business sector had also been struggling in their international expansion efforts due to Africa's weak infrastructure and slow development in the information and communication technology field. The agricultural sector had not also reached its maximum potential due to high transportation costs. Yet the African business scene in South Africa, Egypt, Nigeria, Morocco, and Angola is fairly the opposite.
Being one of the largest continent in the world, it comprises of 53 nations where each has its own bounty of natural resources. The petroleum business in Africa may be one of the globally-known industry which had raked huge profits in several African countries like Nigeria and Libya. Libya has been in the limelight at present due to political turmoil. On the other hand, Egypt has also been scrutinized by foreign critics due to the shut down of the internet hours prior to a planned rally. However, the two independent nations are notably Africa's richest countries.
Africa is a continent rich in petroleum, minerals, and agricultural products. The primary resource that lures foreign investors to do business in Africa is its oil reserves. However, Africa's agricultural industry has been overlooked for several decades now. The size of Africa is three and a half times bigger than the United States. It offers a full range of natural resources which are abundant and generally untapped. There is an intense competition among international countries recently with regard to accumulating a bigger portion of Africa's bountiful resources.
An African business analyst had even predicted the role of China in the growth of the continent's economic activity. This is expected to grow exponentially in the next few years since Africa has already made a lot of infrastructure projects in telecommunications and its road construction. Needless to say, China has been in the forefront of the global business today.
China had already invested millions of dollars in Africa for its raw materials such as paper, nickel, iron, platinum, copper, cobalt, and other minerals. It is currently one of the world's biggest investor in Africa, along with France, Britain, United States, and India. It is also important to take note that these economic giants have been in fierce competition to establish business in Africa for decades now. Indeed, the clamor of establishing ties with rich African countries had been a glaring result of global competitiveness and industrialization.
Being one of the largest continent in the world, it comprises of 53 nations where each has its own bounty of natural resources. The petroleum business in Africa may be one of the globally-known industry which had raked huge profits in several African countries like Nigeria and Libya. Libya has been in the limelight at present due to political turmoil. On the other hand, Egypt has also been scrutinized by foreign critics due to the shut down of the internet hours prior to a planned rally. However, the two independent nations are notably Africa's richest countries.
Africa is a continent rich in petroleum, minerals, and agricultural products. The primary resource that lures foreign investors to do business in Africa is its oil reserves. However, Africa's agricultural industry has been overlooked for several decades now. The size of Africa is three and a half times bigger than the United States. It offers a full range of natural resources which are abundant and generally untapped. There is an intense competition among international countries recently with regard to accumulating a bigger portion of Africa's bountiful resources.
An African business analyst had even predicted the role of China in the growth of the continent's economic activity. This is expected to grow exponentially in the next few years since Africa has already made a lot of infrastructure projects in telecommunications and its road construction. Needless to say, China has been in the forefront of the global business today.
China had already invested millions of dollars in Africa for its raw materials such as paper, nickel, iron, platinum, copper, cobalt, and other minerals. It is currently one of the world's biggest investor in Africa, along with France, Britain, United States, and India. It is also important to take note that these economic giants have been in fierce competition to establish business in Africa for decades now. Indeed, the clamor of establishing ties with rich African countries had been a glaring result of global competitiveness and industrialization.
No comments:
Post a Comment