“Africa is on its way to becoming a preferred investment destination, a potential pole of global growth, and a place of immense innovation and creativity. But there is also a long way to go — and Africa’s governments must as a matter of urgency turn their attention to those who are being left behind. I believe Africa and its leaders can rise to this challenge. If they do, Africa will become more prosperous, stable and equitable.”
Kofi Annan
Africa: a vast continent, spanning an area of 30.2 million square km (over 20% of the world’s total land area). A direct flight from London to Cape Town puts this size in perspective: more than 80% of the flying time is spent over Africa.
Africa is home to about 18.6% of the total world population, an estimated 1.5 billion people with a multitude of ethnicities, cultures and languages. Africa has the youngest population in the world, with 70% of sub-Saharan Africa under the age of 30 years old. Such a high number of young people is an opportunity for the continent’s growth – but only if these new generations are fully empowered to realise their best potential.
Surrounded by the Mediterranean Sea, Suez Canal and the Red Sea, Indian Ocean, Atlantic Ocean and the Sinai Peninsula, climates on the continent range from hot deserts to tropical rainforests to frozen glaciers. Africa is rich in natural resources such as oil, gold, platinum and diamonds – many not yet exploited because of lack of infrastructure and financing.
Africa comprises 54 independent countries, including the Indian Ocean islands of Madagascar, Mauritius, the Comoros and Seychelles. Many regions in Africa have been devastated by war, disease, corruption and regime changes. However, after a decade of increasing political stability, improved health and education and rapidly expanding infrastructure, many African economies rank among the fastest-growing in the world. There is a growing middle class consumer market across Africa.
The majority of African countries are members of the World Trade Organisation (WTO) and cross border trade and investment in Africa is promoted via about 30 regional trade agreements.
If you are looking to expand your business into Africa please feel free to contact our offices for expert advice in this regard.
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