Before we get into it, we promised you the ability to sign up for the Africa Weekly via email. With our website revamp completed, we now have this option up and running. Simply visit Res Rei’s website and sign up using the form at the bottom of the page. Alternatively, you can visit our Africa Weekly page directly to sign up. For the time being we will continue to provide the Africa Weekly via our blog as well.
1. Efficient Tax and VAT Systems on the Way for Africa - The Investment Climate Facility for Africa (ICF) has been working with different countries across Africa to reduce the number of days to process imports and exports through customs. Additionally, they have been successfully reducing costs associated with customs clearance in countries like Kenya. These activities will help open up trade further, while expediting the import and export of goods.
2. Hotel Sector Set to Create 320,000 New Jobs in Africa - As the regional economies continue to grow and opportunities for both business and tourism increase, hotels have been popping up. Last week, we discussed Hilton’s plans to be in every major city of Africa within the next five to ten years, which further supports this need.
3. Nissan Eyes Big Play in Africa - Recently, we brought you news about Ford targeting Africa for expansion. Now, this week Nissan has announced plans to leverage its business model in India using the Datsun brand to make a major play into African markets. As more auto manufacturers establish plants on the continent, we will likely see price reductions in vehicles and a swoon of new jobs, which will help further raise economic prospects across the continent.
4. Shoprite Looks to Africa for Growth - South Africa’s largest grocer looks to sub-Saharan Africa for growth on the back of a continuing slump in South Africa’s economy. Shoprite has experienced a 28% growth in sales at its non-South African stores further highlighting the opportunities for Shoprite outside of South Africa.
5. Energy a Major Business Opportunity in Rwanda, Says U.S. Official - According to the President of the Overseas Private Investment Corporation, a US State Department entity tasked with helping US businesses invest overseas, the shortage of electricity in Rwanda is the number one challenge and number one opportunity for investors. She goes on to state that the Government of Rwanda is interested in increasing their electricity production using renewable energy sources, opening up opportunities for businesses within this sector. Rwanda is not the only country in Africa looking to increase power production utilizing more renewable energy sources.
6. Kenya: Ecobank Announces Plans to Set Up an Investment Banking Unit By June - The West-African medium sized bank intends to have their investment banking unit setup by June to focus on infrastructural development activities in Kenya. They are specifically targeting energy, agribusiness, manufacturing, and other sectors.
We continue to see opportunities in energy, manufacturing, and agribusiness pop up around the continent. For those business leaders within these markets, Africa presents a myriad of possibilities. Interested, but not sure how to get started? Contact Us to see how we can help your organization evaluate these opportunities and help you expand into the continent.
From everyone at Res Rei, enjoy your weekend, and remember to start your next week off thinking about how you can grow your company further.
Res Rei
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