Daegu City said yesterday that it will send a trade mission to Africa, the continent dubbed as the “last growth engine” in the global economy.
With the tepid global economy expected to crimp exports, Daegu City said it has geared up for aggressive overseas marketing to avoid a crisis. As a result, Daegu has scheduled a trade mission for three locations on the African continent – Nairobi, Kenya; Johannesburg, South Africa; and Sudan, Khartoum, from May 16 to 26.
According to Daegu City, the African continent is the focus of many corporations around the world because of its growth potential. Furthermore, the region is projected to maintain a 7 percent economic growth rate for the next 20 years, thanks to the influx of foreign investment and reforms to the governmental system.
In Johannesburg, South Africa, the center of the African economy, health-related products are currently popular due to its aging society. Other promising areas are construction equipment, energy equipment, auto parts, petrochemical products, security products, consumer electronics, systems software, telecommunications equipment, and renewable energy.
Kenya, thanks to its more developed infrastructure, is emerging as the base nation in East Africa, which poses an economic threat to South Africa. Promising areas include solar panels, communications equipment (key phone systems), construction materials, security equipment, fertilizer, accessories, low-cost cell phones, cash vaults, water-filtration systems, medical equipment, printing equipment, instant water heaters, broadcasting equipment, industrial environmental waste management systems, and beauty products.
Promising areas in Sudan are auto parts and accessories, construction heavy equipment, synthetic resins, pharmaceuticals and raw materials, medical equipment, and simple machinery.
Daegu City said it will select up to 10 small- and medium-sized exporting companies from various promising sectors.