How Global Connectivity Can Spur The Next Economical Expansion In Africa by Forbes – Entrepreneurs

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Humans are communicating more than ever using technology, whether it’s through texting, emailing or video conferencing. And with communication technology evolving, it is increasingly important that the world be connected. Global communication is no longer a luxury — it is a necessity.

The rapid rise of mobile devices and demand for broadband is pushing infrastructure in Africa to the limit. And while Africa has started to make strides forward, it is not enough. Africa is a nation on the rise and is a goldmine for corporations around the world, but it needs businesses to invest in the nation’s global communications.

Technological growth and additional initiatives are vital for the growing continent. As the founder and CEO of an international investment firm that invests in companies in the energy, transportation, hospitality, health care, technology and real estate sectors in Africa, I’d like to outline why this is — and take a look at the opportunities for businesses around the world.

Connection To The Rest Of The World

We now live in a digital economy, and not having access to certain parts of the world is no longer acceptable. Africa has one of the highest growth rates regarding internet use. And while the African people are ready to connect with the rest of the world, technology has not yet caught up. According to The World Bank, only one out of five Africans can access the internet.

Giving consumers more access to communication and entertainment will be beneficial for businesses and entrepreneurs. It will allow retailers to expand and drive down prices for customers on other continents. But most importantly, millions of people will have the chance to buy present-day merchandise and help modernize the country. The potential of new business and technology will give citizens a chance to innovate and create new tools for their own people and worldwide.

Increasing Sales And Profits

Global communication doesn’t just help developing countries, but also established corporations. The one obvious reason global communication helps businesses is by increasing sales and profits. The bigger the market, the more opportunity there is to make capital.

Outside of just selling products, corporations also have the chance to save money by taking steps such as probing the market for cheaper rates on labor, materials and finished goods. Using this tactic allows businesses to save money while providing jobs to people in developing countries.

In fact, according to a 2017 Deloitte study, connectivity has led to a 23% increase in total employment since 1992. The study also showed a 50% decrease in farm labor jobs and a 909% increase in nursing jobs, demonstrating that connectivity not only creates new job opportunities but also decreases labor-intensive jobs.

Attracting Superstar Enterprises

The continent of Africa contains seven of the world’s megacities, and there are 10 to 12 million youths entering the labor force each year. It is ripe for investment in areas including infrastructure, manufacturing and more. Google and Facebook have already opened up shop in Africa, but the continent hopes this is only the beginning of technology companies investing in the country and providing work to the 1.6 billion people on the continent.

One of the main challenges for global businesses to enter and succeed in Africa is the inability to navigate the continent’s massive scale and complexity. Many countries are still facing infrastructure concerns, complex regulations and fragmented markets.

New Industries

In light of the oil decline in recent years, Africa has started to diversify and focus on other potential areas of investment and growth, including energy, technology, health care and tourism. With greater connectivity, more content can be distributed about the opportunities that still exist in Africa. The more the content is viewed, the more opportunities it provides to inspire new projects and secure new investing.

Where To Start

When deciding to invest in Africa, there are more factors to consider than just global connectivity. A good place to start is figuring out what country makes most sense for your specific business interests. There are 54 separate nations within Africa and there are huge differences between these countries.

Before jumping in, you’ll need to familiarize yourself with the unique culture, economy and politics of each African state in which you plan to do business. One of the easiest ways to do so is to find a local partner. You can team up with African citizens, public capital companies or private companies to get introduced to all the intricacies that ensure your success.

A useful tip when working with different cultural norms is to learn the basic mannerisms and etiquette and read or talk to members of the culture before doing business. Being able to connect with the country and a partner beforehand is extremely valuable and will ensure you have an adequate amount of time to do your homework.

Global connectivity is the driving force behind a country’s global status in all different aspects, including business and entrepreneurship. The more we strive to strengthen our global communications, the more the dividends and progress will continue.

July 1, 2019 at 07:03AM
https://www.forbes.com/sites/theyec/2019/07/01/how-global-connectivity-can-spur-the-next-economical-expansion-in-africa/
Forbes – Entrepreneurs
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