Fast-growing emerging markets in sub-Saharan Africa are fuelling a surge in trade between Ireland and Africa and are presenting companies with new opportunities, says United Kingdom-based global banking group, Barclays.
Barclays noted in a statement that a group of five “sleeping giant” economies in sub-Saharan Africa offered the opportunity for UK exports to triple, reaching US$3.6bn by 2020.
These economies are South Africa, Ghana, the Democratic Republic of Congo, Nigeria, Tanzania and Mozambique, according to Rob Roughan, head of global corporates at Barclays Bank Ireland. He commented that Irish businesses should broaden their horizons when looking at doing business in Africa.
"Major African economies such as South Africa, Kenya, Ghana and Nigeria have been the primary focus of Irish companies to date, but with increased competition, businesses need to diversify their trade and investment markets to broaden their horizons and compete more effectively," he said.
