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Q&A - GROWTH POTENTIAL IN AFRICA - JONATHAN HORN - APRIL 2011
1. Which areas in Africa offer the most growth potential, ie, what are the areas watch out for?
Jonathan Horn, Safmarine Africa Region Executive:
"West Africa is a region of high potential. This region continues to attract significant investment in the oil & gas and mining sectors. As such, several multi-national companies have established a presence in West Africa and this investment is contributing significantly to the growth of the region.
Higher growth in West Africa typically aligns with the oil and mineral rich countries, such as Angola, Ghana and Nigeria.
Although not as large as west Africa from a trade perspective, East Africa holds significant potential too. Discovery of oil and gas in this region, assuming commercially viable, is likely to be a significant driver of growth.
Safmarine expects volumes into and out of these two regions to continue to show double digit growth, as they did in 2010.
Demand for agricultural commodities such as cocoa, cashew, cotton, coffee, sesame, tea, etc. will also continue to be important drivers of trade in both West and East Africa.
South Africa is another key market market. While its economy is not growing at the same rate as west and east Africa, the size of this economy is much larger and the volumes into and out of South Africa remain significant. Currently, South African volumes account for more than one third of Safmarine's total Africa volumes.
South Africa's economy is also very different from the economies of the rest of Africa - it is more closely aligned to first world economies and it tends to follow what is happening in other developed world economies. This was particularly evident during the 2009 global economic crises when the economies of east and west Africa showed some, but limited, impact as a result of the crisis, whereas the economy of South Africa, as with many first world economies, declined.
Africa is one of three core regions in Safmarine (the others are the Middle East & North Africa, and the Indian Sub-Continent). It is also the largest of the three Safmarine core regions and is also Safmarine's 'home' market. We have significant knowledge of and experience in Africa, have direct Safmarine representation in 45 countries on the continent, a solid track record and a long term commitment to the African market. We're not here to make a quick dollar on the next vessel call. "
Africa is a market that needs a long-term view and by forming partnerships with companies who share this view, we are able to create sustainable value for both our businesses and help unlock the vast potential of Africa, and Africans.
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