Africa is the next big growth market in the coming years. It’s expanding at an impressive rate, fueled by the increase in education and literacy rates among its population.
The rising middle-class population paved the way to develop urbanized cities in the region. Africa is an ideal ground for innovation due to the rapid technological adoption in the continent.
Moreover, African governments attract many foreign investors with business-friendly policies and tax breaks.
Indeed, there’s market potential in Africa. It’s the second-largest continent by land area at 11 million square miles and has a total population of 1.4 billion in 2022. Furthermore, emerging and frontier markets characterize African economies with untapped potential. The consumer market in Africa spent $1.4 trillion last year on products and services.
The African region provides promising prospects for international businesses that leverage new growth. Now, there are more than 400 companies in Africa with revenues over $1 billion.
By 2035, ten of the world’s fastest-growing cities will be African, according to UN forecasts. Hence, for Africa to profit on and distribute its products to individuals within the continent as well as to ports for export, its infrastructure must be improved, an opportunity that exists across the continent.
Companies must examine their perceptions and understandings of Africa to see if they are conducive to expanding their specific footprint in the continent. They must have a thorough knowledge of the region.
Building networks in African nations and cultivating connections with stakeholders go hand in hand. Competitors may have well-established networks in the region as their advantage in doing business.
We understand that many foreign businesses are only familiar with the difficulties of entering the African market. Most firms fail to lay the necessary foundations for long-term success and make costly assumptions about their economy. Hence, we are here to assist you in all the stages of your African expansion.
Employ is a service provider that hires and employs staff on behalf of business owners and entrepreneurs to expand their business globally.
We have headquarters in Abidjan, Port Louis, and we also have a legal footprint in remote African destinations. Our hands-on approach to taxation, labor laws, payroll contributions, and other policies ensures compliance every step of the way.
We will also take care of the well-being of your remote teams in Africa with our global employer services, international payroll services as well as visa and immigration services.
Let’s explore the opportunities of Africa and you can take the lead in the next big growth market. Reach us today.
Olivia Yu has decades of experience in the Human Resources industry. She’s the Regional Director for Asia Pacific of a famous international HR company. Olivia’s international experience inspires her to write articles about human resources and global staffing.