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AFRICAN ISSUES: ECONOMIC GROWTH Africa is lacking in the development of world-class corporations that will drive the continent’s global expansion – such as South Korea achieved with Samsung, Hyundai and others We could be on next 50 years could be incredibly exciting, but not all sub-Saharan African countries the brink of an JAPAN SHAPES UP are going to make it – some will turn out economic miracle FOR A BIGGER ROLE to be North Korea. “Those that become South Korea will Japan is aiming for a bigger be those that show early signs of building role for itself in Africa and will increasingly sophisticated industrial He cautions that nations in the region increase aid and investment, patterns. Look at the trade patterns to have yet to pull on one of the most Prime Minister Shinzo Abe said determine this: South Korea was once powerful levers at their disposal: economic in a mid-January speech to the trading many kinds of fish and now it openness. “This is not just capital flows,” African Union (AU) in Addis does many kinds of electronics. You need he notes, “but the movement of people Ababa. He also pledged to to swing through the industrial forest to and information. Sub-Saharan Africa, share the secrets of the Asian achieve success … we think Kenya and while coming off a low base, is getting country’s famed work ethic. Ghana are doing that right now.” into the business of economic inclusion The so-called ‘kaizen But Saville points out that the South and opening up – where there is no better philosophy’ (meaning Koreans established world-class industrial example than the East African community. ‘change for the better’) views corporations as part of the success “So I am, on balance, optimistic improvement in productivity story – something that is still lacking about the prospects for Africa; although, as a gradual and methodical PHOTOS: GETTY/GALLO IMAGES, THINKSTOCK, SUPPLIED in Africa. “What (corporations) are we as with other emerging market process. Among its key seeing out of Ghana, Kenya and other economies, there will be some slowing tenets are the elimination of African countries?” he asks. “Are these down. We must also remember that, waste, quality control, just- countries creating potentially emerging because there is still a commodity bias in-time delivery, standardised African multinational companies … in the economies of sub-Saharan Africa, work and the use of efficient because surely that’s the ultimate they remain sensitive, vulnerable and equipment. yardstick of success?” influenced by external forces.” 14 strategicmarketingafrica First quarter 2014 Fourth quarter 2013 strategicmarketingafrica 27