Business Strategy: Sub-Saharan Africa
The International Trade Administration has published some statistics that bring the current business environment in Sub-Saharan Africa to the forefront of any business attempting to break into international markets. In a press release from June 2012 the ITA cites the World Bank’s “Doing Business in a More Transparent World” study as evidence that 36 out of the 46 economies in Sub-Saharan Africa improved business regulations this year and 6 of the world’s 10 fastest economies are located in the region. The potential for expanding the use of US products to a new customer base could be significant.
This is a region that is often overlooked by business looking for opportunities overseas. Asia occupies most of the commercial “bandwidth” concerning emerging markets with Latin America following close behind. Sub-Saharan Africa is almost an afterthought in the conversation. This is the main reason why the region could have potential, competition might be less fierce and opportunities more abundant for those business that have a first mover advantage. Proper market research is imperative before any business decisions are made but the region is growing, doing so fast and many are not paying attention.