'African consumer market offers opportunities'

The growing African consumer market offers unique opportunities in Africa, according to Chris Gilmour, an investment analyst at Absa Investments, who was briefing the IHS Global Insight conference held in Johannesburg on Tuesday (12 July 2011).

By Janice Roberts

14 Jul 2011

"In Africa, consumer-facing industries are larger than resources as regards contribution to gross domestic product (GDP)," he added.

"On the continent there is a large and growing middle class - just as there is in SA - and this middle class is getting greater access to consumer goods."

Alluding to former UK prime minister Harold Macmillan's famous "Winds of Change" speech made in 1960, Gilmour said there were new winds of change - economic winds - blowing in Africa, "and they've been blowing for some time".

Gilmour noted that Africa, unlike South America, had many countries and many languages and cultures.

"So doing business may not be easy, but remember that between 2000 and 2010 Africa grew by 85% - so it's very much an emerging star.

"I'm not saying that China is running out of steam, but Africa is one of the fastest growing regions on the earth."