Over the past couple of years, African leaders have been developing a free trade area agreement that would span the entire continent, allowing uninhibited movement of goods and services across its 55 countries. Just recently this agreement was signed and took effect, and the African Continental Free Trade Area (AfCFTA) will provide businesses on the continent and across the world incredible opportunities to service a continent-spanning market. If you are in the appliance business, this means that you are looking at incredible growth opportunities. Here’s why:
The promise of AfCFTA:
At its roots, AfCFTA promises to boost trade between all African countries by a staggering 53%, and better yet, promises to deliver a continent-wide GDP of around 2.5 trillion USD. This influx of growth means that emerging markets on the continent will continue to grow stronger as foreign investment increases.
What this means for the appliance industry:
As was seen with countries like China during its economic boom, the market for white goods increases dramatically as soon as more citizens become middle class. What this means for businesses and manufacturers is that with the creation of AfCFTA, a much larger percentage of Africa’s 1.2 billion people will become wealthier, also entering an economic bracket where white goods aren’t just necessary, they are seen as products indicating prestige.Furthermore, Household and Appliances Show of South Africa which will be held in Gallagher Convention Centre, Johannesburg, South Africa, July 27-29, 2018 is happy to represent Hequanyuan Company that was founded in 2007. The company is mainly doing fabric items, festival decorations, polyresin crafts, iron garden decorations in Fuzhou, China. The home décor products are their main core in the company. It has its own powerful designers team and production capacity. Hequanyuan income out of export was more than US$5,000,000.00 in 2017. Their main exporting countries are: USA, England, Germany, Holland, Russia, Belgium, Norway, France, Italy and Australia.
Visit the Household and Appliances Trade Show where you can meet like-minded entrepreneurs!