Opportunities in new Africa
Africa is a land of opportunity, rich in potential and certainly the next challenge for many cement producers. The sub-Saharan region is changing rapidly and the race is on to be a part of the growing market. Harpreet Duggal of Binani Cement, and former secretary of the East Africa Cement Producers Association, provides an optimistic overview of this important region. By Harpreet Duggal, Binani Cement, UAE.
Africa is changing and at a very fast pace. If you compare its real GDP growth of five per cent between 2000-10 with that of the 1980s and 1990s, the pace of expansion has doubled (see Figure 1). Today, it is the second-fastest region after emerging Asia. GDP is currently equal to nations like Brazil, Russia or India and so it can be considered in the same light as a BRIC nation. Its telecommunications, retail and building sectors are flourishing. The construction sector is also booming, attracting foreign investors, while the demographics are taking Africa to the next level.