Dynamic Export

Join a trade mission

There are opportunities for both individual and corporate trade missions to Africa. Aspiring businesses use trade missions as an opportunity to self-evaluate nominated African market. You can join a trade mission run by government bodies such as Austrade or your State Government, or use private consultancies (such as OctoberFirst). A trade mission gives new entrants a unique platform to meet key local players they would not have met if they visit a market by themselves.

The benefits of a trade mission include the following:

• Meet potential business partners and clients.
• Discover growth areas offering new opportunities.
• Market your products and services to potential partners and clients.
• Make valuable business contacts.
• Network with key government and industry representatives.
• Gain insight into the local market and business climate.

From consumer retail business to infrastructure developments, Africa is brimming with opportunities and that is why many global businesses are now pitching for a stake in the continent. For businesses still on the sidelines, early entry into emerging economies provides opportunities to create new markets, influence customer preferences, and establish brands as well as shape industry structures and establish long-term relationships.

Africa offers businesses the opportunity to become pace-setters. Planning how your company could do business in Africa is now a strategic necessity. The time to act is now.

Below is a summary of the McKinsey Global Institute economic forecast for Africa.

Africa Today

• $1.6 trillion Africa’s collective GDP in 2008, roughly equal to Brazil’s or Russia’s
• $860 billion Africa’s combined consumer spending in 2008
• 316 million the number of new mobile phone subscribers signed up in Africa since 2000
• 60% Africa’s share of the world’s total amount of uncultivated, arable land
• 52 the number of African cities with more than 1 million people each
• 20 the number of African companies with revenues of at least $3 billion

Africa tomorrow

• $2.6 trillion Africa’s collective GDP in 2020
• $1.4 trillion Africa’s consumer spending in 2020
• 1.1 billion the number of Africans of working age in 2040
• 128 million the number of African households with discretionary income in 2020
• 50% the portion of Africans living in cities by 2030

For more information, and to read McKinsey reports, visit the McKinsey Global Institute online.

—Frank Aneke is the principal of OctoberFirst Consulting (www.octoberfirst.com.au) an investment communication firm and Africa specialist, particularly forging business and investment relationships between Asia-Pacific nations and emerging African economies. OctoberFirst is a member of the NSW Business Chamber.

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