Business
East Africa: Booming economies, a market worth $1 billion, attracts global ad agencies
One such firm is Nuturn, which expanded its services and footprints through partnerships with Creative Eye in Tanzania, Centric Branding in Rwanda and Ongea Consult in Uganda.
Such partnerships have been the preferred entry vehicles for firms like TBWA, Havas and Carat into the region.
“The focus now is on the developing world and in Africa they have realized that there are one billion emerging consumers of which 355 million are already considered middle class,” said Grant Fraser, a director at Aegis Media.
A deepening euro zone crisis, tepid U.S. job creation and slowing growth in China have prompted cutbacks in the global ad spending so far this year, but emerging markets such as Africa have recorded double-digit growth in recent years.
Africa’s Attraction
According to the World Bank, seven out of the top 10 fastest-growing economies globally are in Africa.
Africa, once considered as the world’s “poorest continent” is seen as a big destination for global investment.
