If one looks at the history of Indian businesses, they are accustomed to competing in low-margin, competitive economies with young populations. This means they are ideally positioned to succeed in Africa. Many of our clients have made long-term commitments to the development of their operations on the continent. Organisations across automotive and consumer products, as sector examples, have invested in the integrity of their brands and have built loyal followings.
This long-term approach is starting to pay dividends and in February, Mahindra announced it had achieved record sales in SA – an automotive market characterised by intense competition. Countries like Kenya and Nigeria are benefiting from the establishment of technology hubs and one of the developments has been how East Africa has “exported” the concept of mobile money.
These investments are being supported by Exim Bank. Exim has sanctioned credit across multiple industries and projects, and estimates that the continent offers $3.6-trillion in business opportunities each year. India and Africa enjoy a long-standing relationship that is the springboard for economic recovery.
As a banker to multinationals exploring the African continent, we would like to send one message: “We are open for business”.
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