We have been told over and over, in recent years, and rightly so, that Africa is a land of opportunity. The future of Africa is taking shape and suggests wonderful surprises. Nigeria illustrates this well by joining the G20, and soon many other African states will no doubt follow.
However, even if the finding of a promising Africa is true, it is necessary to know how to go about it, as an investor, to get out of the game.
Thus, even if many businessmen have chosen the destination Africa, in recent years, as illustrated by the surge of foreign companies on the African continent, the fact remains that many of them are still struggling to take full advantage of the potential offered by investment in Africa. The cause? Ignorance of certain tricks and certain cultural codes specific to the various countries which constitute the African market.
Good knowledge of cultural codes
The first thing a foreign investor has to do, if he wants a successful investment in Africa, is to become aware of the need to adapt culturally, to prepare well and to know how to approach the African market.
This is all the more necessary since Africa is a large space, with a multitude of peoples so different from each other. The latter have ways of living, ways of thinking, ways of consuming that differ from one neighboring country to another.
“It’s not just the slides that count, you have to know how to convey your message. You have to know how to put your interlocutor in confidence. The only way to succeed in doing this is to know the cultural codes. “Advises Fouad Benathmane, Export Area Manager for Bottu Pharmaceutical Laboratories. Abounding this sense,
Get to know Africa!
For a foreign investor, it is always important to know Africa. To do this, many of them simply take a few days of vacation and land at the hotel. Even if this approach is interesting, it is nonetheless insufficient to claim to know the country in which you arrive.
Similarly, Africa on the internet, in books, told by friends or acquaintances, is never the same as when you are there yourself. When you decide to do business in Africa, then you have to properly assess the African market. To do this, a full immersion for at least 2 to 3 intensive months is necessary.
Even if you are from Africa and want to do business elsewhere that in your native country, this immersion is necessary, even though it is a familiar environment. It will allow you to be able to probe other countries, whether in West Africa, Central or even in North Africa.
Take the time to assess the African market, its potential and its needs.
An investment, wherever you want to do it, requires an assessment of the market in question. Thus, in order to obtain reliable data on the African market, it is not without interest to devote a small budget which allows you to access data, resulting from surveys initiated by Marketing offices.
This advice is to be taken seriously for any investor anxious to get out of the African market. So don’t get me wrong, because the little you know about Africa through your knowledge and the information obtained on the internet, is not enough to give you a complete idea of the challenges of the market.
Only specialists will be able to answer you directly and honestly because, after all, investing is an issue that should not be taken lightly.