Convergence across industries is resulting in the rapid emergence of new business models as well as substantial investment opportunities for the African continent. This is part of the reason why Japanese companies are focusing on Africa as a serious and viable investment destination, according to Frost & Sullivan.
At the Growth Innovation Leadership (GIL) 2015 congress, held recently in Cape Town, regional representatives of the international market research firm spoke of increasing Japanese interest in Africa.
“Africa has less than 2 percent in Japanese investment so there is plenty of potential here. Japanese companies are now specifically looking to invest in emerging countries,” said Robin Joffe, regional director for Tokyo, Japan.
The economy of the continent is at the precipice of change where today’s converging forces will become significant in shaping the visionary future. “Companies will need to evolve and identify ingenious business processes to tackle transformative changes if they are to stay ahead of the curve,” remarked Frost & Sullivan global director for growth implementation solutions, Mark Simoncelli.
Citing examples of implementation of innovative solutions, Simoncelli also shared his insights on the emergence of new business models in Africa.
According to Frost & Sullivan, not only do more Africans have access to mobile phones than clean water and electricity, but there are also 400 million unique mobile subscribers in Africa, with only 150 million using traditional bank accounts.
The company says this leaves 250 million Africans with access to mobile phones; however, without access to a traditional bank account – creating incredible potential for the financial services industry.
The congress also featured rapid-fire presentations of how convergence and connected efforts across industries, including energy, healthcare, chemicals, automotive and ICT, are changing Africa; as well as a CEO panel discussion which highlighted the impact of connectivity and convergence, as well as investment into Africa.
This article was published on IT Web Africa by their stuff writer. Here, we have re-published it only to share the news of African economic growth.