By Lolade Odeyemi
Since time immemorial, people of different tribes, cultures and walks of life have changed their original geographical scenery for economic, political, environmental and social reasons.
However, from an economic standpoint, financial stability, business opportunities and brighter future prospects are the most common reasons for migration, especially in recent times.
Being a multiplex, multifaceted and overwhelming phenomenon characterized by risks and opportunities, migration for business purposes occur based on calculated decisions from sound knowledge of the economy in focus, business prospects and government regulations as it pertains to the intended business.
In our world today, the migration flow of skilled and unskilled workers has hit an unprecedented level occasioned by the increased search for greener pasture and favorable business environment following the global economic meltdown that has left some economies in ruins till date.
With this rise in the global scale and involution of labor migration, the World Bank, a while ago, complied a research-based list tagged the World Bank’s “Ease of Doing Business” Index, rating countries by their individual economic strength, employability level and enabling policies for startups.
The index featured many countries from different continents and Africa wasn’t left out, as a handful of its nations featured on the list as considerable options for business migrants.
In no particular order, here are 10 of Africa’s hotspots brewing with business opportunities.
Rwanda is one tough nation that rose from outstretched years of civil war to build a vibrant economy and healthy business environment thriving on its leaders and citizenry’s unwavering commitment to constant growth. With tourism as its fastest growing and most promising sector, which earned it the name ‘Singapore of Africa,’ the East African country emerged on the World Bank’s index as the 52nd easiest place in the world to do business.
- South Africa
It is no hidden fact that when foreigners think of tourism in Africa, South Africa happens to be one of the top choices on their list for its beautiful safari and wildlife offering. As such, tourism remains a crucial sector in South Africa’s economy alongside other flourishing sectors like Information Technology, Mining and Auto manufacturing. According to the World Bank Index, the country, through its ongoing customs modernization program has been able to reduce the time and number of documents required to export and import, thereby creating more ease in the country’s business activities.
Although the Batswana government is still working on diversifying its economy by fully activating operations in other sectors, Diamond and Precious Metal mining industries have been the pillars of Botswana’s economy. Since independence in 1966, its economy has scored massive points for having one of the fastest growth rates per capita in the world. In addition, the World Bank’s “Ease of Doing Business” index revealed that Botswana has made processes of importing and exporting faster for business boom.
The beautifully sculptured country comprising 115 different islands is not one of the very popular countries that readily comes to mind when Africa is mentioned, however its flourishing economy has highlighted its place on the continent’s map. In 2013, Seychelles clinched the 74th place in the World Bank’s “Ease of Doing Business” index, jumping from the 76th position where it stood the preceding year. Its economy thrives on Tourism, which is one of its main industries, fully supported by other important industries like Fishing, Farming, Vanilla and Coconut Processing.
Morocco is another fast growing nation recognized by the World Bank as one of the easiest places in the world to do business. Packed with bounteous investment and business opportunities, the North African country is recording steady growth in vital sectors of its economy like Telecommunications, Tourism, Information Technology and Textile Manufacturing. Also, the country has made the process for setting up businesses easier for limited liability companies.
Beyond its beautiful landscape and rich terrain, Mauritius is one country with great economic strength. In 2013, it moved up five places on the World Bank’s index for places with ease of doing business. Recently, the country added Information Technology and Renewable Energy to its existing and functional sectors like Tourism, Textiles, Sugar Production, and Financial Services. According to the World Bank’s report, Mauritius has in recent years made property transfer faster and easier and has also improved access to credit information.
The North African country whose culture dates to antiquity was ranked the most competitive economy in 2009. With a powerful economy built on flourishing sectors like Manufacturing, Mining, Agriculture, Tourism and Petroleum Products., Tunisia has earned its place on the World Bank’s ‘Ease of Doing Business’ index.
Located in the West African coast, the sunny beautiful country was ranked as the 64th easiest place in the world to do business by the World Bank. Having one of the largest economies on the continent, Ghana has developed sectors like Technology, Retail, Tourism, Electricity Generation and Oil Production for the purpose of economic sustainability. The country is also known to export a variety of natural resources like industrial minerals, timber, cocoa, petroleum, natural gas, and gold.
This South African country has shown great value for economy diversification as its government in most recent times flagged off the promotion of activities in sectors like Tourism, Gemstone Mining and Hydro-power, in addition to its already existing and blooming sectors such as Agriculture and Copper Mining. Aside from ranking alongside other countries as one of the world’s easiest places to do business, the World Bank’s Index revealed that Zambia has fortified its insolvency process by introducing further qualification.
Although Namibia dropped in the ranking of the world’s easiest places for doing business, it still remained among the top 100 on the World Bank’s list. According to the World Bank report, the South African country’s Power sector is on the rise as the government has boosted electricity generation and supply, making the sector a catchy hub in the nation’s economy. Asides the latest development in its Power sector, Mining, Agriculture, Manufacturing and Tourism industries have for years remained crucial to the growth of Namibia’s economy.