Africa is not “poor,” it’s being looted
According to the International Monetary Fund, five of the world’s fastest growing economies will be in Sub-Saharan Africa. Africa is the world’s next big frontier market according to The Wall Street Journal, which also suggests the continent’s economy is projected to grow to $2.6 trillion, up from $1.6 trillion in 2008.
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Companies such as Coca-Cola and Exxon Mobil have made decade-long investments in the consumer-base and resources that the African continent boasts. But there are also some corporations just beginning to see the opportunity.
- IBM – Investment in new cloud centers across the Middle East and Africa ($1.2 billion total global investment in 15 different sites)
- Wal-Mart Inc – $313 million investment at the end of 2012 to build 40 stores (majority shareholder of South Africa’s Massmart)
- General Electric – Committed to bringing 5,000 megawatts of new energy to Tanzania and Ghana
- Procter & Gamble – $170 million dollar investment for a manufacturing plant in South Africa to serve consumers in Southern and Eastern Africa
- PricewaterhouseCoopers – 3-year staggered investment in key markets (announced in 2011
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