Kenya rebuts old stereotypes
The vastly misunderstood African continent covers approximately 6 percent of the Earth’s surface where more than 1.1 billion of the world’s population calls home. More than 1,500 languages are spoken.
Myths about Africa that people throughout the world believe to be true are rooted in misinformation, lack of knowledge and stereotypes. People around the world tend to think of Africa as a single country. The continent is made up of 54 independent countries.
Every African country is different, and each has its own cultures and subcultures.
Common misconceptions of Africa include that it lags behind the rest of the world and lacks innovative technology. Cell phones are as common in many countries in Africa as they are in the rest of the world; about nine out of 10 own one.
Kenya is now the tech hub of Africa and is commonly referred to as “Silicon Savannah,” a niche that could be worth more than $1 billion to the country in the next few years, a Bloomberg report said.
Seventy percent of the population of Africa is under age 30, which is proof the continent is home to many young people.
The continent is also increasingly urban, with more than 50 cities with populations greater than 1 million people.
Africa’s urbanization rate is already at 37 percent, comparable to China’s and larger than India’s. It’s expected to be the fastest urbanizing region from 2020 to 2050.
Six of the 10 fastest-growing economies are located in Africa, a fact that serves as a testament to its ambition and potential. In fact, 23 of Africa’s countries are now middle-income level. The latest data reveal that seven countries continue to exhibit economic resilience, supported by domestic demand, posting annual growth rates above 5.4 percent in 2015-2017.
Many international economists and business leaders point out that Africa is shaping up to be the “new Asia,” already showing all the characteristics of the next powerhouse of global growth.
Africa is being tipped as the global economic growth engine of the next decade, expected to run faster than any of the world’s current economic powerhouses.
For the above and many other reasons, it is time for Korea’s business community to recalibrate its approach and attitude toward Africa.