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Africa: priority target for European industry

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Monday, 01 December 2014

Africa: priority target for European industry

In the world of fashion, international brands are preferred by African consumers. By 2017, Africa will be the number two priority market for European consumer goods industries, according to a study by Deloitte. The continent is expected to have boosted its annual GDP by 1,100 billion dollars by 2019. This would be a godsend. “Even if it is too soon to dub recent African growth as ‘miraculous’, it is commonly held that this continent, and particularly sub-Saharan Africa, is in the position occupied by South-East Asia 30 years ago: on the brink of a boom,” claims a Deloitte study presented on the occasion of a distribution congress held on November 19 in Johannesburg.

According to a survey of industrial companies in this sector carried out by Deloitte, the continent is set to become the “number two priority market” for European consumer goods, that is, after the regional market. Over the 2014–2015 period, Africa was one of the leading three groups, after the European Union and China.  Deloitte do accept that investment in African markets remains “complex and difficult” and profits “relatively low on average”, but companies which are “ready to innovate by adapting their circuits, their brands and their activities portfolios” have high probabilities of good returns.

Source: economie.jeuneafrique.com