From Florida to Germany to THE MAK`ED TEAM, from there to the Côte D`Ivoir – and back to Florida: this was the varied itinerary of our consultant Jennifer Augustin in April 2023. Our Africa expert travelled to the Ivory Coast for THE MAK`ED TEAM in order to further expand our local network. The Republic of Côte D’Ivoir is economically extremely attractive and an interesting location for medium-sized companies: It provides access to a region with 110 million people and has around 29 million inhabitants itself. With annual economic growth of 8% since 2012, it is one of the fastest growing economies in the world. And many other African countries, especially in West Africa, are also experiencing economic upswings. That is why we are convinced that internationally active medium-sized companies should take a closer look at the continent. There is a lot to be said for it: Africa is young, has many valuable raw materials and offers SMEs a wide range of opportunities. Let’s take a closer look at the economic strengths of the Ivory Coast:
Côte D’Ivoire: The Gateway to Francophone West Africa
A foreign branch, a subsidiary or cooperation with Ivorian partners: there are many good reasons for small and medium-sized enterprises to gain an economic foothold in Côte D’Ivoire and to invest here for the long term. From the economic upswing and the connection to West Africa, to the diversity of industries and the stable currency, Côte D’Ivoire is an interesting and attractive growth market. There is a spirit of optimism and entrepreneurship in the air. Innovations are being driven forward, investments are desired, practical commitment is welcome. Companies that set the course for their own internationalisation in good time can secure an important competitive advantage. In the individual steps of the internationalisation process, such as market analysis, market sounding and market entry, it is important to keep an eye on the specific social, cultural and political framework conditions. Jennifer Augustin therefore used her time in Côte D’Ivoire intensively for a variety of meetings and gained a good overview of current developments in the region.
How can THE MAK`ED TEAM support SMEs in their Africa strategy?
As a management consultancy for SMEs and with a focus on internationalisation, we support SMEs in their international expansion and the development of new markets. For the individual roadmap, we develop an internationalisation strategy or build on an existing one. Here we analyse together with the companies: What is the importance of the African continent and which countries could be interesting locations? What strategies are there for the region? What are the local procurement and sales markets like? Which regulatory provisions and cultural conditions and peculiarities have to be taken into account? We advise companies on the path of their internationalisation in the entire process along their value chain.
The basis for this is a market analysis with risk assessment and determination of resources: What is needed to gain an economic foothold in Africa? Here it is important to get an impression of the potential. We support companies in entering the market and in the operational implementation, such as the search for partners or the establishment of teams on site. In this way, we develop and implement the entire process of internationalisation. Holistically, sustainably and strategically.
Read more in our article starting on p. 23: AfricaContact_1-2023
More about internationalisation Internationalising medium-sized companies
There is a lot of initial information about Africa and for a good overview: Africa Business Guide – All you need to know about the economy in Côte d’Ivoire