Indore (Madhya Pradesh): Stalwart Management Consultancy Services, UAE, director and business mentor Bharat Kulkarni said India has made unique contributions in the fields of affordable technology, health, education and ICT in Africa and this sets Indian businessmen apart from others and they have a unique opportunity to trade in Africa.
Kulkarni said ‘Indian Footprint in Africa,’ is showcasing the engagement between India and African countries through South-South Cooperation (SSC).
Kulkarni was addressing an exclusive session titled ‘Doing Business with Africa-Opportunities & Strategies’ here on Friday. It was organised by Indore Management Association (IMA).
The session aimed to provide attendees with valuable insights into the opportunities and challenges of conducting business in Africa, which is currently one of the fastest-growing regions worldwide. Despite the increasing interest in African markets, there is limited knowledge about the continent among researchers and practitioners.
The session offered a valuable opportunity for individuals and businesses interested in exploring the untapped potential of the African market. Participants gained insights into the growth story of Africa, available opportunities for Indian businesses, potential challenges, and the existing Indian footprint in the region.
Kulkarni helped bridge this knowledge gap by sharing his expertise and focusing on four key themes. Explaining the first theme, ‘Africa Rising-Understand the Growth Story in Africa,’ he said that one should explore the regulatory reforms and capacity-building efforts in Africa that have attracted businesses and investments, leading to its emergence as a promising market.
On the second theme, ‘Africa as the New Frontier for Global Business-Opportunities for Indian Businesses’ he delved into the significant projection of African consumer spending, which has surpassed US$1 trillion annually in 2020.
The session provided insights into how Indian businesses can leverage this shift and transition from trade to investments in the African market.
Decoding the third theme, ‘Word of Caution-Challenges You May Face,’ Kulkarni addressed the specific challenges of doing business in Africa, including competition levels and the need to enhance labour and financial market efficiency.
