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Obama Says Africa is Ready to Do Business

US President Obama spoke today on the problem of US companies not making the most of opportunities in Africa. Speaking aboard Air Force One he said “One of the main things that we want American companies to see is that Africa is ready to do business and that there’s huge potential there.” Obama spoke of companies’ fear of corruption as a major obstacle that prevents them from doing business with the African countries. He continues his tour of the region that began on 26th June. Bloomberg News had this to say on the US’s approach to business in Africa…

U.S. companies still lag behind European and Chinese enterprises on a continent that is home to six of the world’s 10 fastest-growing economies. Apart from oil companies such as Chevron Corp. (CVX) and retailers such as Wal-Mart Stores Inc. (WMT) and YUM! Brands Inc. (YUM), U.S. businesses have been reluctant to brave African security risks and trade headaches.

The article highlights some of the problems countries encounter when trying to do business in Sub-Saharan Africa. But it is also worth noting how much potential there is out there too. Our business partners Emirates & Sung have been doing business successfully in Africa during the last decade and have inside knowledge on how to do it safely. If you’d like to know more about expanding your business into Africa, attending “Business in Africa Pays: Nigeria” might well be a good place to start.

Read the full article here.