fastest growing industries in africa

South Africa’s financial sector is very sophisticated despite the country’s “emerging market” status. Experts say that ⅓ of the world’s gold has yet to be mined. We also use third-party cookies that help us analyze and understand how you use this website. There are many opportunities in tourism, as it is one of the fastest growing industries in South Africa. In 2016, South Africa exported USD 29.1 million worth of vegetables, fresh or chilled, to countries like the U.K (31%), the Netherlands (26%) and France (4.2%). This year, Companies to Inspire Africa once again showcases and celebrates the businesses and entrepreneurs at the heart of this movement. These industries include agriculture, mining, manufacturing, communications, tourism, textiles, wholesale and retail trade and even real estate, finance, and business services. Based on these transformations and the support from African Growth and Opportunity Act (AGOA), there are many opportunities abound within the textile and apparel industry in South Africa, everything from natural and synthetic fiber production to non-woven fabric, spinning, weaving, tufting, knitting, dyeing, and finishing. Libya hosts the biggest oil reserve across the continent and is a chief contributor in international supply … In 2017, this industry witnessed an upsurge of approximately 7.4% growth. Agriculture is one of the fastest growing industries in South Africa known for their vast lands and profitable farming opportunities. This website uses cookies to improve your experience while you navigate through the website. Africa is home to fi ve of the world’s fastest-growing economies, and is being driven by young and growing populations. MAJOR INDUSTRIES IN SOUTH AFRICA . Ethiopia and Rwanda round up the top three with 8.5% and 7.8% respectively with Tanzania, Uganda and Kenya being the other East African economies in the top 10. It covers all aspects of business operations, from the very specific to the very generic. Still, 70 percent of the African population, directly or indirectly, are actively involved in agriculture. The GDP from manufacturing in South Africa increased to USD 33 million in the third quarter of 2017 from USD 32.9 million in the second quarter of 2017. An insight into the Growing Industries in Africa for 2018! When compared to even the best-industrialized countries, South Africa’s banking sector is a tough competitor. Despite recent challenges in South Africa and the rest of Africa, spending seems to remain the same. Lucrative opportunities are abundant, especially in downstream processing and adding value to iron, carbon, steel, stainless steel, aluminum, platinum metals and gold. Spending by African consumers reaches a whopping USD 4 trillion annually, with household consumption expecting to grow 3.8% by 2025. South Africa has recently survived a recession and has come out in a pretty solid position. Wholesale, retail and catering/accommodations contribute about 15%. This untapped market has 40% of the world’s known resources, with an estimated 36,000 tonnes of undeveloped resources. Although Africa has its challenges, there are many promising opportunities for global investors and businesses. Many domestic and foreign institutions already provide a full range of services from commercial and retail, to merchant banking, mortgage lending and insurance, as well as investments. 2. The industrial sector of the economy of South Africa began with diamond mining in the last half of the 19th century. In this regard, players can find any online casino in Kenya on. Students made up 4.7% of tourists from ‘other’ African countries compared with 0.6% from the SADC countries. This category only includes cookies that ensures basic functionalities and security features of the website. The South African Electrolytic Corrosion Committee (SAECC) states that this country’s ICT market was worth an estimated USD 42.6 billion (R468.4-billion) in 2013 with IT accounting for USD15.08 billion and communications technology accounting for USD27.18 billion. Some investment and business opportunities include infrastructure development; accommodations like hotels, boutique hotels, lodges and resorts; adventure, eco-adventures, sports, conference and cultural tourism; leisure complexes and world-class golf courses; attractions and activity-based tourism; and museums and heritage, cultural, music, arts festivals and events … only to name a few. Afrihost finished … The retail market is one of South Africa’s biggest, most affluent and important sectors. Natural-gas plants—which are fast to build, entail low capital costs, and have a small carbon footprint—can provide an alternative to diversify the power supply. The second fastest rising economy of the world, Africa has been boasting a booming economy for quite a while now. . In South Africa. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Nearly 97% of tourists travel through for a holiday while the rest were either for business or school. known for their vast lands and profitable farming opportunities. The African economy mostly comprises of industry, trade, agriculture as well as human resources. Across most sectors, these companies are growing faster and are more profitable than their global peers. Manufacturing Industries; This is one of the fast-growing industries in South Africa, these industries focus on the production of various chemicals, clothing materials, spare parts for various automobile, insecticides, electronics, footwear, and … South Africa’s ICT sector grew at a whopping 5%, which is 15X times faster than the entire South African economy. Given the fact that the Kenyan capital, Nairobi is the largest city between the Egyptian capital, Cairo and Johannesburg in South Africa, it serves as the heart of transportation of Eastern and Central Africa. Deloitte recently announced the winners of its Fast 50 competition, recognizing South Africa’s fastest growing technology companies. This market is promising medium to long-term growth due to the growing youthful demographic of 55 million people, as well as from its position as a springboard to the rest of sub-Saharan Africa. According to Statistics South Africa GDP – 2nd Quarter 2017, the sectors promising a lot of growth include finance/business services and real estate, which contribute around 22% towards the country’s GDP. 5 – Artificial intelligence The country’s cell phone market is also the 4th fastest growing in the world at a rate of 50% per year. Necessary cookies are absolutely essential for the website to function properly. In many countries on the continent, access to financial services is very poor. It is a green light among the top 10 fastest growing business in Nigeria because every sector today can’t do without transportation. Shortly after the discovery of diamonds here, gold deposits were also located, leading to the serious growth and development of the mining sector. The cell phone market has only three operators but there are world-class telecommunications brands as well like Siemens, Alcatel, Telecom Malaysia and Vodaphone. As the name implies, FinTech involves the use of technology to support and enable banking and financial services, making it easier, faster and cheaper to meet Africa’s underserved demand for financial services. Manufacturing has always been a dominant industry and sectors such as agro-processing, automotive, chemicals, technology, and electronics, metals, textiles, clothing and footwear are helping the country to become a new potential global powerhouse. Connect with Leading African Textiles Suppliers on BizVibe. Some investment and business opportunities include infrastructure development; accommodations like hotels, boutique hotels, lodges and resorts; adventure, eco-adventures, sports, conference and cultural tourism; leisure complexes and world-class golf courses; attractions and activity-based tourism; and museums and heritage, cultural, music, arts festivals and events … only to name a few. Countries like Nigeria, Angola and South Africa are experiencing a large growth in their economies due to working industries and growing sectors. Industry. In 2016, Ivory Coast was labelled the fastest growing economy with multiple flourishing industries in agriculture. The communications tech sector contributed more than 7% to South Africa’s GDP in 2016. Agriculture is Africa’s largest economic sector, representing 15 percent of the continent’s total GDP, or more than $100 billion annually. BizVibe has redefined the concept of B2B networking by helping buyers select the right supplier. The strong financial sector is built on a foundation of concrete legal and physical infrastructures that promise stable economic growth. Experts forecast that the manufacturing industry will nearly double its output from $500 billion today to $930 billion in 2025, making this one of the, There are many opportunities in tourism, as it is one of the. Situated in eastern Africa, Ethiopia has a whopping 107-million population with 30% made up of young people. As of 2018, the country was the fastest growing in Africa, but attempts to diversify away from agriculture have caused public unrest As more opportunities for investment arise across Africa, several nations are witnessing record growth rates The market’s rapid growth making it an extremely successful and fast growing industry not only to be in, but also to invest in. These cookies do not store any personal information. Are you looking to get a piece of the pie? Africa’s 10 fastest-growing economies. It is a green light among the top 10 fastest growing business in Nigeria because every sector today can’t do without transportation. “This is mainly driven by a growing middle class. A nation with a proper and planned agricultural sector usually has enough to feed its citizens, and then extra to export for revenue generation. The GDP from the agricultural sector is expected to reach beyond USD 6 million by the end of the first quarter of 2018. Since the beginning of the industrialization of this country until presen… There is no lack of abundance of mineral resources, resulting in mining as one of the fastest growing industries in South Africa. FinTech is one of the newest and fastest emerging industries in Africa. Excluding South Africa, the continent’s largest economy, growth in Sub-Saharan Africa is forecast to rise to 6%. Manufacturing production increased by 2% in December 2017 as compared to the previous year and sees the highest utilisation of production capacity in radio, television and communication apparatus (85.4%), petroleum and plastic products (83.5%), wood products, paper, publishing and printing (82.9%), food and beverages (82.5%) and motor vehicles, parts and accessories (82.3%). Must Read: The Top 10 Soap Brands in the World (2018). However, this article focuses on another bright aspect of Kenya- its fast-growing industries. This year, 99 African American-led businesses made the Inc. 5000 list of the fastest-growing private companies in the country, measured by revenue growth over the past three years. According to the World Travel and Tourism Council, tourism contributes about 7% of the GDP and employment in South Africa. When compared to even the best-industrialized countries, South Africa’s banking sector is a tough competitor. There is no lack of abundance of mineral resources, resulting in mining as one of the. South Africa is forecasted to be one of the next major world markets promising exponential growth and opportunities. ICT actually beats out agriculture as one of the fastest growing industries in South Africa. It is mandatory to procure user consent prior to running these cookies on your website. The country’s economy mostly depends on its huge oil reserve and its oil revenues account for more than 50% of its total GDP. The size of the virtual reality industry has practically doubled each year, from being worth $6.1bn in 2016 to $14.1bn in 2017. Historians refer to the period that followed the mining sector growth in South Africa as industrialization. In many countries on the continent, access to financial services is very poor. 79 Figure 5.1 Africa has an opportunity to triple historical manufacturing output growth rates, and to double output, in 10 years Potential revenue growth from African manufacturers by 2025. One of the ke… Based on IMF growth predictions for 2019, Libya will be the fastest-growing African economy this year with a predicted GDP of 10.8%. More people are opening bank accounts, using online banking and swiping their debit and credit cards for day-to-day purchases, whereas previously cash was king.” However, as of 2013 Africa was the world's fastest-growing continent at 5.6% a year, and GDP is expected to rise by an average of over 6% a year between 2013 and 2023. 2. South Africa is forecasted to be one of the next major world markets promising exponential growth and opportunities. This forecast would change in the event of a deteriorating global economy. Some 67 million tourists visited Africa in 2018, representing a rise of 7% from a year earlier, making Africa the second-fastest growing region when it comes to tourism, after Asia Pacific. Ethiopia and Rwanda round up the top three with 8.5% and 7.8% respectively with Tanzania, Uganda and Kenya being the other East African economies in the top 10. The GDP from mining in South Africa is expected to be USD 2.06 million by the end of the 1st quarter of 2018. And many companies, religious sectors, and schools outsource their transportation service, and that is where outsourcing comes in. Not to forget the private sector as well, it was reported by the Kenyan Commercial guide. Then look no further than these fastest growing industries in South Africa. 169.9%. There is no lack of abundance of mineral resources, resulting in mining as one of the fastest growing industries in South Africa. More information can be found at the CTCP website. A government initiative, The Clothing and Textile Competitiveness Programme (CTCP), is a program meant to improve South Africa’s global competitiveness. Thanks to structural changes in many African countries, productivity revolution is helping many companies to achieve greater economies of scale. As the name implies, FinTech involves the use of technology to support and enable banking and financial services, making it easier, faster and cheaper to meet Africa’s underserved demand for financial services. 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