Trade wars between large economies such as America and China and others, have spiraled the world economic downturn. The COVID19 outbreak and its conspiracies have also influenced many business decisions from one point to the other. Some governments such as Japan, America and Europe are investing to call back companies and businesses from their current production point (China) to their native countries. Not only will the companies return to their native countries but are also looking around at opportunities on other continents either for production or supply of products and services as they recoil from China.
Africa is the richest continent in the world and has many natural resources. Africa produces more raw materials than it does process goods. And this point is where African governments and businesses have the opportunity to move more into production and processing of products that Chinese companies were producing to supply to the American And European companies.
African governments and companies should strategically start to position themselves to begin producing and rendering services that these European, Japanese and American economies were procuring from the chines market. So our company ( YouSort World Company Limited) for instance has started finding and monitoring product and services that the Americans, Europeans were importing from China and companies that are repatriating and start engagements with them on what we could produce or supply or render to them as they had the Chinese doing for them. From technology, textiles, packaging, components and many more which the consuming countries were importing from China.
African governments have to with an immediate effect, enforce trade charters such as the West African Free Trade etc. Governments in Africa have to financially support businesses to expand production lines, and even build more production plants. This should be the strategic thoughts and position of all African governments and financial institutions. Helping to establish more businesses and production lines to capacitate African business to replace Chinese businesses.
This is a long term solution to the current problem of jobs and income for both the community and individual countries and the governments. By investing in ways to bring generational wealth and opportunities to the continent. This will ensure the continent’s competitiveness on the global market and build strong economies.
This is what as a CEO of YouSort World Company, I really look forward seeing the continent envisioning. Now is the time for continent of Africa to join the world stage in business. While fighting corona virus, let’s have the business side too on our mind.
By Mr. Jude Asante, CEO of YouSort World Company Limited