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DOING BUSINESS IN AFRICA: Survey of Finnish Companies

DOING BUSINESS IN AFRICA: Survey of Finnish Companies. Adebayo Agbejule , Ph.D Project Manager , EXIMIN Vaasa University of Applied Sciences Vaasa, Finland ade@puv.fi January, 2010. Table of Contents. The Africa You Never See Introduction to EXIMIN

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DOING BUSINESS IN AFRICA: Survey of Finnish Companies

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  1. DOING BUSINESS IN AFRICA: Survey of Finnish Companies AdebayoAgbejule, Ph.D Project Manager, EXIMIN Vaasa University of Applied Sciences Vaasa, Finland ade@puv.fi January, 2010

  2. Table of Contents • The Africa You Never See • Introduction to EXIMIN • Doing Business in Africa: A Finnish Perspective

  3. Video: The Africa You Do Not See.

  4. 1. EXIMIN PROJECT EXIMIN is an export and import innovation Goal of EXIMIN: to create an export and import innovationsystemwith a goal of creating new markets for Finnish companies and business opportunities for Africa companies • An innovation system is the implementation of a new orsignificantlyimprovedproduct (goodorservice), orprocess, a new marketmethod, or a new organizationalmethodin business practices, workplaceorganizationorexternalrelations.

  5. Innovation is the successful exploitation of new ideas It is about • bringing new knowledge into business • developing new, high value-added products and services Innovation is the key factor for competing on the global market

  6. Innovation • innovation is an interactive process to be shared by a variety of institutions • locally embedded social, cultural and institutional arrangements are a source of knowledge, learning and innovation • technological specialization and inter-firm collaboration are tools for innovation • common and integrated visions contribute to achieve common goals • institutions institutions Innovation Systems

  7. 2. EXIMIN PROJECT A Knowledge Cluster - Multi-disciplinary features VAMK(renewable energy technology and & ICT) UNIVERSITY OF VAASA(diffusion of innovations). KEMI-TORNIO (business information technology) KESKI-POHJANMAA (natural sciences, boat & plastic industry). NOVIA(environmental management).

  8. 3. EXIMIN - MODEL Technology Project • Business Training • Project Promotion • Partners Search • Technology Transfer • Ideas screening • Business ideas • Investment promotion • NATURAL SCIENCES • ICT • ENERGY • ENVIRONMENT • BIT Web Portal • Idea gathering • Storing • Promotions • Networking, Partner-matching Implementation of Innovative Business Ideas /New Markets

  9. 4. BENEFITS OF EXIMIN PROJECT A. COMPANIES • Opportunity for Finnish and African companies to use knowledge base of universities of applied sciences for development needs and growth in new markets • To increase business opportunities and competitive advantage for Finnish and African SMEs.

  10. B. UNIVERSITIES OF APPLIED SCIENCES • opportunity for joint project into the development of innovative products and services with companies and higher institutions of Finland and Africa. • enhance business relevance of the EXIMIN project and gain status as a centre of excellence. • develop teaching curriculum and material relevant to transfering innovation to Africa. • Linking Finnish University of Applied Sciences to educational institutions and companies in Africa.

  11. C. STUDENTS • Possibility of practicaltraining for both Finnish and Africanstudents. • Employmentopportunities for students. • Knowledge of business and innovation practices of African and Finnish SMEs.

  12. EXIMIN RESEARCH PROJECT

  13. 1. Research Background • Type of Research: Exploratory & Descriptive Research • Nature of Companies: Finnish companiesdoing business in Africa • Sample: database from Finpro • Response rate: 22% (32 out of 145) • Average years of respondents in current position: 9 years

  14. 2. Research Question A. Indicate the importance of the following itemswhenyoumakedecisionsconcerningdoing business in a foreign country (1= notimportant, 7= veryimportant). Economicand legalenvironmentare the leadingfactorswhenyouconsiderdoing business abroad.

  15. B. Indicate the importance of the following items when you make decisions concerning doing business in Africa (1= not important, 7= very important). Conclusion: Economic and legal environment are leading factors that are considered when doing business abroad including Africa.

  16. C. Indicate which of the following is important for you when doing business in Africa (1=not important, 7= very important)

  17. Potentialpartnerinformation, tradingagency and distributioninformation,traderestrictions, and logisticsare the mostimportantfactors Finnish companiesconsiderwhendoing business in Africa.

  18. D. Indicate the extent to which the following information sources are important from your view point of doing business in Africa (1 = not important, 7= very important) Conclusion: customers, business consultants, and international trade fairs are viewed by respondents as being the most important source of information when doing business in Africa.

  19. E. Indicate the extent to which of the following factors are important from your view point that may prevent you from doing business abroad (1=low importance, 7 = high importance) Conclusion: Difficulty in finding reliable partners, lack of qualified personnel, and lack of information on market are the main barriers in doing business in Africa.

  20. F. Indicate the most important reason for doing business in Africa (1= not important, 7= very important) Conclusion: Increasing sales and market expansion are the most important reasons for doing business Africa

  21. G. Wouldyou like to join a network of companiesdoing business in Africa ? ( 74% = Yes, 20% = No)

  22. H. Would You like to participate in a seminar of doing business in Africa? (67% = Yes, 30% = No)

  23. I. Would You Like to enter into new markets/countries in Africa? (80% = Yes, 14% = No)

  24. Countries of EXIMIN Network • Cameron • Gabon • Ghana • Nigeria • Liberia • Kenya • South Africa • Tunisia

  25. Summary • Growinginterest in the African Market • Need for more awareness about the opportunitiesof doing business in Africa for Finnish Companies • Potential of participation in national tradefairsto create awareness of Finnish Technologies and Africa Products? • Finnish-Africa Business Forums(discussioninitiatedwith Ostrobotnia Chamber of Commerce and VIEXPO and Association of Ghana Industries) to create a network for findingreliablepartners. E.g. Ghana • Initialdiscussionstarted on the formation of Finnish-Ghana Business Cooperation • More activerole of University of Applied Sciences in promoting Finnish Business Abroad • Moreinformation on economic and legal informationissues on African business (e.g., research project, final thesis,etc.)

  26. Acknowledgement • Birgitta Niemi & Lasse Jansson, Central Ostrobotnia University of Applied Sciences for their valuable contribution in the research project.

  27. for coming AND WELCOME TO JOIN EXIMIN. AFRICA IS WAITING FOR YOU! Leverage from the EU 2007-2013 Adebayo Agbejule VAASAN AMMATTIKORKEAKOULU VASA YRKESHÖGSKOLA UNIVERSITY OF APPLIED SCIENCES European Union European Regional Development Fund European Social Fund

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