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Get ready to see Africa as you’ve never seen it before. Imagine an Africa with entrepreneurial spirit that is striving to take care of itself and finding African solutions to African problems.
There is no denying Africa has wars, famines and natural and man-made disasters, but it also has high rises, stock markets, and internet cafes. Africa Open for Business challenges the stereotypes and proves Africa cannot be so easily defined.
This is the Africa you don't see on the nightly news. They are the real stories on the ground – the successes, the struggles, the challenges, and the solutions. Together, they are building Africa one business at a time.
According to the Overseas Private Investment Corporation (OPIC) and the UN trade agency, UNCTAD, Africa offers the highest return on direct foreign investment in the world, far exceeding all other regions. While petroleum products are the driving force behind those returns, other sectors offer impressive growth.
One of the fastest growth areas is telecommunications. From 1999 to 2004, cell phone use in Africa grew at an annual rate of 58%, whereas in Asia, the region with the next highest growth, cell phone use grew at a relatively paltry 35%.
Africa is of increasing strategic interest to the global economy. The continent is expected to soon provide the US with more petroleum than the Middle East. The top supplier of oil to China is Angola. China and India are rapidly increasing their business dealings with Africa. These new power-houses are often beating out American and European firms.
Africa offers a consumer base of more than 900 million people. While more than half of Africa is estimated to live on a dollar or less a day, the other half does not, and they are hungry for products and services. Even among the poor, there are surprising opportunities. The rapid expansion of telecommunications is a prime example of the premise of C. K. Prahalad’s groundbreaking book, The Fortune at the Bottom of the Pyramid. Incremental profits may be low, but vast numbers of potential consumers can result in high overall profits.
The risks of investing in Africa remain high, just as they are for most emerging markets, but as noted by Kim Jaycox, CEO of Emerging Markets Partnership’s Africa Fund, the largest fund investing in Africa, the perceived risk is much greater than the real risk. And once the risk goes down, the returns won’t be as good.
Central Africa is where the first explorers set out to discover and map the great unknown continent. Unrivalled game-viewing and wide open wilderness are the trademarks of Zambia, from tracking the wildlife in the South & North Luangwa National Parks, to bird-watching in the Kafue & Lochinvar National Parks. The mighty Zambezi river provides a wonderful contrast, whilst the Victoria Falls are an experience in themselves.
East Africa is one of the most famous and renowned game-viewing regions anywhere in the world. From the big five of the Masai Mara and the pink flamingos at Lake Naivasha, to the escarpment of the Great Rift Valley, Kenya is a wildlife enthusiasts paradise. It is also blessed with the golden sands of Mombasa, and the centuries-old charm of fascinating Lamu.
North Africa is although located at the northern tip of Africa and close to Southern Europe, Morocco is a world away from its near neighbour. It combines a long history, great weather and fascinating sight-seeing to create the ideal short break destination. A wonderful mixture of French, Moor and Arabian influences, with centuries-old palaces, forts and enticing souks, Marrakech and Tangiers are spectacular cities, whilst the beaches of Essaouira and Agadir never fail to impress. Best known for its golden sandy beaches and year-round sun, Tunisia lies just three hours from the UK. The pristine beaches of this delightful part of North Africa are complemented by the vibrancy and excitement of the historical souks, whist visits can also be made into the famed Sahara Desert to see how nomadic travellers have survived for hundreds of years.
Southern Africa is the region of dramatic contrast, from water and wilderness, to bush and beach. South Africa boasts a remarkable diversity; from safaris in the Kruger National Park and shark and whale-watching; to the beaches of KwaZulu Natal and the Garden Route and one of the world’s finest cities, Cape Town. Also located within ‘the rainbow nation’ are the fascinating kingdoms of Swaziland and Lesotho. Situated along Africa’s most inhospitable coast, the scenery and wildlife in Namibia are quite unique. From desert and mountains, to the world’s highest sand dunes, the Fish River Canyon, and the Etosha National Park, Namibia is truly special.
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