Google has announced the completion of its acquisition of wearable company Fitbit. The announcement was made by Google Senior Vice President, Devices & Services…
According to recent research done by Standard Bank in South Africa, the greater continent offers US multinationals a compelling trade and investment opportunity thanks to the rapid economic growth rates across the continent, along with burgeoning population growth and increasing urbanisation.
This nifty infographic below gives a comprehensive, colourful overview of US — Africa’s trade and investment opportunities:
As also found by an Ernst & Young report earlier this year, Foreign Direct Investment has increased together with Sub-Saharan Africa’s attractiveness to investors.
As shown in the infographic above, economic growth in sub-Saharan Africa has exceeded five percent a year for more than a decade. The continent has a 4.1% share of global gross domestic product (GDP), up from 3.4% in 2000. By 2050 one in four of the world’s population will reside in Africa with at least 60% of the continent’s people living in urban centres.
Leading US technology companies are investing in new ventures and startups across the continent. IBM has invested at least US$100-million, with new Innovation Centres in Lagos and Casablanca. Microsoft and Intel Capital are embarking on partnerships with African tech companies, and Google is working on delivering broadband to remote communities.
“While there is still a lot to be done the overall direction that Africa is moving in is overwhelmingly positive,” said Mr Tshabalala. “US companies can do very well in Africa provided they put in the effort to understand the continent’s markets in detail, rather than looking at the continent as a single, homogeneous entity.”