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Report says Africa expected to be world’s next big growth market    

CAPE TOWN, (Xinhua) -- Africa will become the world’s next big growth market, akin to the Asian boom, according to a report available here on Tuesday.

While other geographies are seeing incremental growth, global companies that get in early and join the African champions shaping the right strategies, can sustain double-digit profit growth over the next few decades, says the report compiled by McKinsey, a management consulting firm.

The report draws the conclusions from a survey of 3,000 McKinsey client engagements, in-depth proprietary research and interviews with 40 of Africa’s most prominent business and development leaders.

Examining several examples of African businesses that have translated opportunities into enduring business value, the report reveals how companies can better understand the African market and seize the opportunities for building profitable, sustainable businesses.

Africa has a fast-growing, rapidly urbanizing population with big unmet needs, meaning that there is a trillion-dollar opportunity to industrialize Africa, to meet rising domestic demand and create a bridgehead in global export markets, the report says.

In addition, there has been a big push by governments and the private sector to close infrastructure gaps, according to the report.

The report points to a continued resource abundance in agriculture, mining, and oil and gas, with innovation and investment in these sectors unlocking new production on the continent.

The rapid adoption of mobile and digital technologies could leapfrog Africa past many obstacles to growth, says the report.

“With over 400 African companies earning annual revenues of 1 billion U.S. dollars or more, we can identify what works,” the report says.

The highly successful businesses are often African companies, but many are entrepreneurial firms with Western, Indian, or Chinese founders, according to the report.

The report points out that building a successful business in Africa requires a long-term approach and four essential practices: mapping an Africa strategy, innovating business models, building resilience for the long term, and unleashing talent.

“At the heart of these four imperatives is a commitment to doing well by doing good,” said Acha Leke, senior partner and chairman of McKinsey’s Africa Office and co-author of the report.



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