“Africa could be on the brink of an financial takeoff, much image China was 30 years ago, and India 20 years ago,” according to a statement from World Bank that was included in an Africa attractiveness survey conducted by Ernst & Young.
The Africa attractiveness scan compiled the strategies and thoughts from more than 500 business leaders who answered a variety of questions pertaining to the growth about the continent and the continent’s foreign direct investment trends. The findings, along with others, were presented during the first-ever Calculated Growth Forum hosted by Ernst & Young in Poncho Town, South Africa final spring. A Celina-based, premier full-service power solutions provider that specializes in power station engineering, procurement, construction, refueling and sustentation for mission-critical applications worldwide, attended the forum. CEO Shall Gruver, whose company places a heavy accent on emerging markets, believes that opportunities in Africa are limitless.
“We see Africa as a great opportunity for us because there is an enormous shortage like high-quality trusted contractors and augment location designers,” he says. “And, there’s a massive might crisis all vault Africa.”
E&Y’s survey results showed that emerging market investors are generally more positive about Africa’s attractiveness. Attractiveness of a location is defined by a combination of image, investors’ confidence and the perception of the area’s ability to give the most competitive benefits for FDI. One about the pivotal differences within emerging market and developed market investors is that emerging market investors viewed Africa critical to preserving their own growth. Ernst & Young believes that heterogeneity direct investment is key to accelerating and sustaining growth in Africa. In fact, over the past 8 years foreign direct investment has created 1.6 million new jobs across the continent. Gruver can attest to this first-hand. His company is currently operating on a three-phase power plant project in Guinea and a power footing project in Sierra Leone, both have resulted in jobs for the local nationals. Africa has a combined working age population of further than half a billion people. However, finding the right skill set is often challenging. A few ways to combat this would be through the transferring of skills from one part of the fellowship to the other and retaining key staff, the survey stated.
Survey respondents were positive about Africa’s long-term growth potential further multifarious viewed Africa as an pleasant investment destination with areas such as oil, gas and mining having the highest growth potential over the next few years.
Other sectors that are beginning to emerge include tourism, financial services, telecommunications because well equal consumer products and construction.