This market is promising medium to long-term growth due to the growing youthful demographic of 55 million people, as well as from its position as a springboard to the rest of sub-Saharan Africa. Many investment opportunities lie in developing access control systems/security equipment, systems, and software development in the banking and financial services sector, exporting hardware, silicon processing for fiber optics, integrated circuits, and solar cells. Many domestic and foreign institutions already provide a full range of services from commercial and retail, to merchant banking, mortgage lending and insurance, as well as investments. The fastest growing industries were analyzed in terms of (1) increase in employment over the next 10 years; (2) compound annual rate of change in employment; and (3) change in the value of industry output. In South Africa. Many domestic and foreign institutions already provide a full range of services from commercial and retail, to merchant banking, mortgage lending and insurance, as well as investments. “Banking is one of the fastest growing market sectors in Mozambique,” notes DHL country head Dominique Lalous. South Africa has recently survived a recession and has come out in a pretty solid position. Growing in revenue by 489%, EyeSee secured a spot as one of the 500 fastest-growing tech companies in Europe, the Middle East, and Africa (EMEA region). . According to Statistics South Africa GDP – 2nd Quarter 2017, the sectors promising a lot of growth include finance/business services and real estate, which contribute around 22% towards the country’s GDP. “This is mainly driven by a growing middle class. 169.9%. Other heavy civil engineering construction. ICT actually beats out agriculture as one of the fastest growing industries in South Africa. In 2016, Ivory Coast was labelled the fastest growing economy with multiple flourishing industries in agriculture. Students made up 4.7% of tourists from ‘other’ African countries compared with 0.6% from the SADC countries. Nearly 97% of tourists travel through for a holiday while the rest were either for business or school. These cookies do not store any personal information. The size of the virtual reality industry has practically doubled each year, from being worth $6.1bn in 2016 to $14.1bn in 2017. More people are opening bank accounts, using online banking and swiping their debit and credit cards for day-to-day purchases, whereas previously cash was king.” The African economy mostly comprises of industry, trade, agriculture as well as human resources. South Africa is the world’s biggest producer of gold and platinum, is the 4th largest diamond industry in the world and is also a leading nation in base metals and coal. Experts forecast that the manufacturing industry will nearly double its output from $500 billion today to $930 billion in 2025, making this one of the, There are many opportunities in tourism, as it is one of the. Agriculture is one of the fastest growing industries in South Africa known for their vast lands and profitable farming opportunities. However, this article focuses on another bright aspect of Kenya- its fast-growing industries. Then look no further than these. Experts forecast this will increase to USD 3.5 trillion by 2025. When compared to even the best-industrialized countries, South Africa’s banking sector is a tough competitor. The ICT industry has shown consistent growth in this industry. In 2017, this industry witnessed an upsurge of approximately 7.4% growth. Musical Groups & Artists in the US. The country’s cell phone market is also the 4th fastest growing in the world at a rate of 50% per year. Our platform is designed to help companies generate leads, shortlist suppliers, request for proposals, and identify global companies. More information can be found at the, Financial, real estate and business sector services are the pillar of South Africa’s economic growth and made it on our list as one of the. Given the country’s vibrant public life and dynamic business sector, South Africa has no shortage of ideas, but a tone of pessimism is growing as many worry that the economy is stuck in a low-growth trap. Über Flavour is still in start-up phase. Despite recent challenges in South Africa and the rest of Africa, spending seems to remain the same. Economic experts are forecasting that 2018-19 will see stronger activity in trading with a boost of specific exports. The economic outlook for Sub-Saharan Africa (SSA) is positive, with growth rising to 5.3% in 2012, and 5.6% in 2013, over the pre-crisis average level of 5%. The. A government initiative, The Clothing and Textile Competitiveness Programme (CTCP), is a program meant to improve South Africa’s global competitiveness. Ethiopia and Rwanda round up the top three with 8.5% and 7.8% respectively with Tanzania, Uganda and Kenya being the other East African economies in the top 10. The communications tech sector contributed more than 7% to South Africa’s GDP in 2016. The 10 Fastest Growing Industries in the US. Meanwhile, South Africa only imports about USD 1.97 million worth of vegetables, fresh or chilled (2016). South Africa is the world’s biggest producer of gold and platinum, is the 4th largest diamond industry in the world and is also a leading nation in base metals and coal. as recent reports have shown a laudable improvement. More people are opening bank accounts, using online banking and swiping their debit and credit cards for day-to-day purchases, whereas previously cash was king.” South Africa’s ICT sector grew at a whopping 5%, which is 15X times faster than the entire South African economy. It has registered immense growth to the point that it is now the second fastest-growing tourism industry in the world, only behind the Asia Pacific region. The fastest growing economy in Africa 2018 has a name, and it’s Ethiopia. It covers all aspects of business operations, from the very specific to the very generic. When compared to even the best-industrialized countries, South Africa’s banking sector is a tough competitor. South Africa is the world’s biggest producer of gold and platinum, is the 4th largest diamond industry in the world and is also a leading nation in base metals and coal. Experts say that ⅓ of the world’s gold has yet to be mined. In many countries on the continent, access to financial services is very poor. Deloitte recently announced the winners of its Fast 50 competition, recognizing South Africa’s fastest growing technology companies. Across most sectors, these companies are growing faster and are more profitable than their global peers. Financial, real estate and business sector services are the pillar of South Africa’s economic growth and made it on our list as one of the fastest growing industries in South Africa. known for their vast lands and profitable farming opportunities. 5 – Artificial intelligence FinTech is one of the newest and fastest emerging industries in Africa. Are you looking to get a piece of the pie? Necessary cookies are absolutely essential for the website to function properly. . Not only is South Africa nearly self-sufficient in all major agricultural products, they are also a net food exporter. But opting out of some of these cookies may have an effect on your browsing experience. Manufacturing has always been a dominant industry and sectors such as agro-processing, automotive, chemicals, technology, and electronics, metals, textiles, clothing and footwear are helping the country to become a new potential global powerhouse. And many companies, religious sectors, and schools outsource their transportation service, and that is where outsourcing comes in. It’s no secret that Ethiopia’s economy is booming and its economic growth has been hovering around 8-11%for over 10 years now. This capital-intensive industry has undergone intense technological change and is supported by a comprehensive transport and communications infrastructure. Historians refer to the period that followed the mining sector growth in South Africa as industrialization. ... one big question among industry insiders has been whether local tech ecosystems are large enough to absorb them. Agriculture is one of the fastest growing industries in South Africa known for their vast lands and profitable farming opportunities. African businesses are also quite the spenders, with stats from 2015 stating they spent USD 2.6 trillion annually. The transition to fiber optic cables for communication, for instance, has accounted for a significant percentage in this growth. According to the latest Tourism and Migration Survey, almost 3.5 million tourists passed through South Africa’s ports of entry in August 2017. 2. As of 2018, the country was the fastest growing in Africa, but attempts to diversify away from agriculture have caused public unrest As more opportunities for investment arise across Africa, several nations are witnessing record growth rates The face of Africa is changing and these growing industries in the continent prove it all. The country’s economy mostly depends on its huge oil reserve and its oil revenues account for more than 50% of its total GDP. As at August 2019. Afrihost finished … Shortly after the discovery of diamonds here, gold deposits were also located, leading to the serious growth and development of the mining sector. Given the fact that the Kenyan capital, Nairobi is the largest city between the Egyptian capital, Cairo and Johannesburg in South Africa, it serves as the heart of transportation of Eastern and Central Africa. Founded in 2007, Keaton operates two coal mines that fuel power plants owned by the troubled national electric utility, Eskom, and provide anthracite for export to locales as distant as Brazil. Must Read: The Top 10 Soap Brands in the World (2018). Some investment and business opportunities include infrastructure development; accommodations like hotels, boutique hotels, lodges and resorts; adventure, eco-adventures, sports, conference and cultural tourism; leisure complexes and world-class golf courses; attractions and activity-based tourism; and museums and heritage, cultural, music, arts festivals and events … only to name a few. It is highly concentrated, with Egypt and Nigeria alone accounting for one-third of total agricultural output and the top ten countries generating 75 percent. It may come as a surprise that the Casino Industry is included, but it is actually a fact that this industry is fast growing. The retail market grew 2.4% in 2014 with the fastest growing segments including textiles and clothes at +3.5%, hardware by +2.6%, general stores by +2.4%, household goods by +2.3%, pharmaceuticals by +2.1% and food and drinks by +0.9%. Companies: YDE (1995 – 2007), Über Flavour (2014 – present) Turnover : YDE had a turnover of R160 million at the time of its sale to the Truworths Group. Although Africa has its challenges, there are many promising opportunities for global investors and businesses. Added to petroleum, its other major natural resources comprise of gypsum & natural gas. Some investment and business opportunities include infrastructure development; accommodations like hotels, boutique hotels, lodges and resorts; adventure, eco-adventures, sports, conference and cultural tourism; leisure complexes and world-class golf courses; attractions and activity-based tourism; and museums and heritage, cultural, music, arts festivals and events … only to name a few. Still, 70 percent of the African population, directly or indirectly, are actively involved in … Agriculture, including forestry and fisheries, is vital to the country’s economy as the sector grew by over 22% and contributed 4% to the country’s GDP in the first quarter of 2017. According to Statistics South Africa GDP – 2nd Quarter 2017, the sectors promising a lot of growth include finance/business services and real estate, which contribute around 22% towards the country’s GDP. There are daily improvements in technology, and technological devices are usually high in demand. This untapped market has 40% of the world’s known resources, with an estimated 36,000 tonnes of undeveloped resources. The GDP from manufacturing in South Africa increased to USD 33 million in the third quarter of 2017 from USD 32.9 million in the second quarter of 2017. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. As per the market reports, the continent is forecasted to witness a rise in GDP by 6%+ annually between 2013 & 2023. South Africa is forecasted to be one of the next major world markets promising exponential growth and opportunities. Not to forget the private sector as well, it was reported by the Kenyan Commercial guide. The market created throug… These industries include agriculture, mining, manufacturing, communications, tourism, textiles, wholesale and retail trade and even real estate, finance, and business services. As the name implies, FinTech involves the use of technology to support and enable banking and financial services, making it easier, faster and cheaper to meet Africa’s underserved demand for financial services. Deloitte recently announced the winners of its Fast 50 competition, recognizing South Africa’s fastest growing technology companies. 2019-2020 Revenue Growth. It covers all aspects of business operations, from the very specific to the very generic. This website uses cookies to improve your experience while you navigate through the website. South Africa’s strengths include an extremely high level of technical and production expertis… Investment growth will also happen in 2019 on the assumption that business confidence will continue to increase and policy uncertainty will continue to fade. Yet since 2008, average annual GDP growth has slowed to just 1.8 percent, while unemployment has stubbornly remained at 25 percent. Libya hosts the biggest oil reserve across the continent and is a chief contributor in international supply … Then look no further than these fastest growing industries in South Africa. Textiles contribute about 9% to the country’s GDP. 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