On November 29, 2016, Nola Kianza, President & CEO, Canadian Council on Africa met with Hon. Michael Chan, Ontario Minister of International Trade to discuss trade and investment opportunities in Africa and ways to promote Ontario’s companies, technologies and capabilities to the African market.
Mr. Kianza, expressed that Africa has become a key economic growth region and 6 of the top 10 largest economies rated by GNP are in Africa. This growth has been sustained and diversified despite the slowdown of the global economy.
The growth of the African economy is explained by more than just the development of its natural resources. With the rapid growth of a middle class within the overall population increase, demands for various services and products are growing exponentially. Additionally, there is constant growth in various sectors including transport, infrastructure, agri-food and the manufacturing industries.
Africa now draws the attention of investors and progressive entrepreneurs from around the world.
A few facts about the African market:
- Africa is the world’s second largest continent with a current population of 1.1 billion and a projected population of 2.5 billion people by 2050
- Consumer Spending set to reach $1 Trillion by 2020 in Africa
- Labelled “…the second most attractive investment destination in the world” by Makhtar Diop, World Bank Vice President for the Africa Region
- The Financial Times calls Africa “The Fastest growing region for Foreign Direct Investment (FDI)”. The United Nation reports that US$ 54 Billion flowed into Africa in 2014 via FDI.
- Export Development Canada (EDC) helped facilitate more than $7.4 billion in business between African and Canadian companies – many of them small and medium sized enterprises (SMEs) – in the last five years and is looking to grow that number to $10 billion over the next five years