The second edition of Africa Business Forum was held on Wednesday October 26, at the Estonian Ministry of Foreign Affairs complex Tallinn. There were delegates from all walks of life with various experiences in different markets including Africa.
One of the most interesting stories was that of a business man who left Estonia for Uganda to sell lingerie. He had a turnover of $100,000 in the first year and is about to open his third lingerie store in Uganda. Estonian entrepreneurs are interested in the African market as most African countries are still developing and have tremendous opportunities for investment.
There were questions about security issues in Africa but these were answered by Estonian entrepreneurs in Africa stating that the continent is largely safe, however there are some regions that are well documented for violence and such should be avoided. The bureaucratic process of getting businesses registered and licensed in most African countries was also noted and on this front, Rwanda was considered as the country with the greatest ease of doing business in Africa. The ease of moving money to and from most African countries was also noted. It was finally stated that business is a risk but the gains in Africa outweighs the risks involved in going there.
Fact: Taxify which launched operations in Africa just 6 months ago in South Africa has opened in 4 African countries and will open in Lagos, Nigeria next month.