Creating Your Consumers in Africa: Matching People and Profits

Africa has some particular challenges, including poverty and unemployment. However, there is a huge population close to 1 billion now and projected to reach 2 billion by 2050, surpassing India and China. What a tremendous market opportunity if companies can only get it right. Doing business in a developing region involves a desire to build a business with some rewards today, but bigger sights set for the future. In a context like this, how can a company make profits while strengthening the local economy, which in turn creates more consumers with more income in the future? South Africa has a legislative framework called Broad-Based Black Economic Empowerment (BBBEE), which requires companies doing business with government to help the country develop its communities and people. Many view this as a negative factor, but the spirit behind the revised codes reveals an approach that is doable and win-win for both companies and the country alike. Jonathan Goldberg, Chief Executive Officer of Global Business Solutions in South Africa and a behind-the-scenes advisor on the revised codes, will share the bigger vision and how companies can use the blueprint for profitability and productivity improvements.