In 2014, the largest ever contingent of African heads-of-State assembled in Washington, D.C. in a US-Africa summit. It was the first time the United States ever hosted a summit of that magnitude for representatives from Africa. It was acknowledged at the summit that at that time six of the 10 fastest growing economies in the world were African. Although economic growth in the continent has slowed in the past year, due to falling commodity prices, Africa still remains the best opportunity for western and other businesses looking for extraordinary growth. My advice to African businessmen and women is to not wait, but to instead travel down to Africa and set up shop. Countries like Nigeria, Kenya, Ghana, Tanzania and for that matter a host of others, have a rising service sector, but a constrained manufacturing sectors and so literally everything is imported. These things need to be produced locally. I have always argued that Africa may never be able to rapidly emerge from underdevelopment until it engages the know how, reach and connections of the larger African diaspora of which its biggest component is the African American Community. As someone has Said, Sure there is some money to be made exporting goods to Africa,âBut the bigger opportunity is being able to set up local businesses in Africa to make and produce locally manufactured products. There would involve setting up new companies or investing in existing smaller companies and helping them scale up and grow faster. Rosa Whitaker, the CEO and President of the Whitaker Group, in Washington, D.C. who was the first ever Assistant U.S. Trade Representative for Africa in the administrations of Presidents George W. Bush and Bill Clinton has said that there is much synergy between Africa and African American business because the region is growing in precisely the areas where African American firms are competitive. In 2013 African American firms grossed more than $21.8 billion in the industrial services sector in the U.S., a two-billion dollar increase. The industrial services sector in Africa is the fastest growing in the world.â On the other hand I also believe that African governments can do a lot more to attract and engage African Americans and they should do so now. I am Magnus Kpakol, and thatâs my view.
Posted: Mar 3rd, 2016 @ 02:09:56 AM