Executive Briefings

Could Africa's Growing GDP Be Magnet It Needs for Attracting Manufacturing?

The strongest case Africa presents for its attractiveness to manufacturing is its GDP growth. The continent is home to six out of the top 10 countries that are experiencing economic growth, according to an analysis by the Economist. Over the past decade, it has been the second-fasting growing region in the world, averaging growth of 5.1 percent during that period.

In 2012, Africa was expected to grow at a rate of 5 percent to 5.7 percent, according to the International Monetary Fund.

But while that easily outdistances rates in sluggish Western Europe and the United States, faster growth may be ahead. The World Bank is almost giddy in its prediction that "Africa could be on the brink of an economic take-off much like China was 30 years ago and India 20 years ago."

Such predictions are prompting an active pursuit of investment in Africa by U.S. firms. In February of this year, Anadarko Petroleum, Caterpillar, Chevron, Energy International and General Electric were part of a State Department-led energy trade mission to Mozambique, Tanzania, Nigeria and Ghana.

"The United States is ready to do business in Africa in a much bigger way," Deputy Assistant Secretary of State for African Affairs William Fitzgerald said during that visit.

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Keywords: international trade, supply chain jobs, logistics & supply chain in Africa, African logistics, African manufacturing

In 2012, Africa was expected to grow at a rate of 5 percent to 5.7 percent, according to the International Monetary Fund.

But while that easily outdistances rates in sluggish Western Europe and the United States, faster growth may be ahead. The World Bank is almost giddy in its prediction that "Africa could be on the brink of an economic take-off much like China was 30 years ago and India 20 years ago."

Such predictions are prompting an active pursuit of investment in Africa by U.S. firms. In February of this year, Anadarko Petroleum, Caterpillar, Chevron, Energy International and General Electric were part of a State Department-led energy trade mission to Mozambique, Tanzania, Nigeria and Ghana.

"The United States is ready to do business in Africa in a much bigger way," Deputy Assistant Secretary of State for African Affairs William Fitzgerald said during that visit.

Read Full Article


Keywords: international trade, supply chain jobs, logistics & supply chain in Africa, African logistics, African manufacturing