Africa is a goldmine for foreign investors and there are massive growth opportunities for companies in the region. The whole continent needs development projects to be initiated, infra-structure to be built and training programs to be organized for more skilled labors. But if compared with other countries, Africa’s share of manufactured goods in the global markets is just an 11% compared to a 31% for east Asia, which is quite low. According to Carlos Lopes, the executive secretary of the United Nation Economic Commission for Africa (ECA), this global share of manufactured goods from Africa can be increased up to a 20% of GDP. With its developing economy, Africa has the room for any number of foreign investors. In the past few years, after the recent oil discoveries in many African countries, a hundred thousand jobs have been created in the region. The boom in industrial zone has also raised the demand for French translators, Portuguese translators and Chinese translators.
It is not easy to set up a new business anywhere. But to do so in a foreign environment is even more difficult. Foreign investors often show haste in setting up their companies in Africa which results in disaster and a huge financial setback. They witness other companies thriving in the region and presume that due to its development needs, any new business will flourish in Africa. But this is not true. A few factors must be kept in mind before an investor decides about investing in Africa. You must begin by contacting a qualified translation agency which would help you bridge the language barriers you are going to face in a new country. Several good translation companies are doing a remarkable job in negotiable rates. Houston translation service company and New York translation services company are among those few reputable translation firms.
Tips on how to make your business flourish in Africa
When you enter a new market, you must know that the tips and strategies which you followed to establish your company in your own country, could not prove to be useful in a foreign atmosphere, with a few exceptions. African people work with those whom they can trust and the key to run a successful enterprise in the region is to develop business relationships with proper planning. The business community in Africa is of the view that conducting business in Africa might prove to be an arduous task. For good business relationships in the African community, collaboration with local partners is necessary. Your local partners would know the “ins and outs” of running a company in their own country and would likely have the proper connections which you would need as a new investor in the market. Here again comes the necessity of hiring the services of a good translation company which would arrange translators for you according to your need. Usually French, Arabic, Portuguese and English are the official languages in African countries. The translation company you would hire will arrange the translators/interpreters according to your needs.
Inaccurate data is also another factor which leads to the failure of a business. It is not prudent to rely on others to collect data for you or to depend on figures available on the internet. Before initiating anything, you must survey the country yourself and the potential it has, for satisfactory growth of a company. It may feel costly to run an initial market research, but it is going to save a lot of trouble and will minimize the percentage of risk.
It is also very important to set up a website of your company on the internet with key features of the company mentioned. The site should also mention the names and contact numbers of the executives of the company. Business cards can go a long way in establishing a relationship of trust and good rapport with the local community. The top officials of the company should always be available for face to face interactions. All channels for communication should be used, including phone, internet, fax and postal services. You must understand that people like to do business dealings with those, whom they can trust and rely upon. All communication should be done with a consideration for the local customs and traditions of the public. Constant communication would be fruitful only if both parties would be able to understand each other. To hire translators should be among your top priorities when setting up business. Any investment should be done with the intention of improving the situation of the local African man and to create job opportunities for him, in order to keep the interest of the local community intact in your company.