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Many of the largest companies in the world are making big bets on Africa as their future source of growth. Facebook, Google, and Netflix are just some of the international behemoths targeting new customers and increased revenue from the rising continent. Doing business in Africa, who is home to many of the fastest-growing economies in the world, could also be worth it for smaller companies and entrepreneurs.
While everyone is concentrating on the big cities of the world, Africa is still unchartered territory for many companies. This also means the competition can be less fierce. At the same time, there are millions of open-minded people all over the continent who want to try new things and explore new products and services every day. The disposable income is increasing rapidly, and improved regulations and infrastructure are making it increasingly manageable for both large and small international companies to do business in this region.
Doing business in Africa also comes with the benefit of reduced costs on a number of things, compared to many other areas of the world. Payroll expenses will, for example, be significantly lower than in the US, and large savings can also be obtained for raw materials, utilities, properties/rent, and taxes.
At the same time as international companies have a lot to gain from expanding to Africa, the African population also benefits. New jobs in areas with very high unemployment rates are just one factor. Additionally, new impulses, methods, and technology can be exchanged, while property owners and local government will benefit from increased land prices and higher tax revenues.
Doing business in Africa is therefore definitely worth it – both for international companies and for the local population.
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