Following promising economic growth,
estimated to grow by a little higher than 5 percent average in 2014 by the
World Bank, over the past few years in Africa, foreign investors are eying the
continent more than ever to take their share of fortune. The continent itself
has been tirelessly working to showcase and convince foreign businesses what
has really been happening on the ground since recently. Now, lots of
multinationals and foreign businesses are showing an overwhelming interest and
the continent seems successful in this regard, attracting foreign direct investment.
So much time, effort and money has been spent to make that happen though.
Most of foreign direct investments took
place thus far in Africa were much like extensions of their mother companies which
does not have significant local employment opportunities, transfer of knowledge
and skills, and business to local business, B2LB, relationships .To mention
some, take the case of major infrastructure developments which has been taking
place in the continent. Most of the researches and feasibility studies, the engineering,
constructions and management of projects have been done, mainly, with foreign
companies themselves which left no much growth opportunities for local
counterparts.
To help local businesses grow and
benefit from the investment inflow, however; it is time to look internally more
carefully and more than ever. Respective governments should help local
businesses alleviate both their financial and technical constraints so that
they engage themselves in to partnerships. Essentially, local businesses should
transform their way of doing business to be able to integrate to the
international standard and benefit the most. Moreover, foreign businesses can
also leverage the experience of local businesses and professionals of the local
business environments if they mean to adapt and succeed in a short span of time
by working together.
From Now On wards, Looking
Internally, Equally, Seriously, Pays off!
Cheers!
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