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With 48 countries in Sub-Saharan <keyword id="12925" type="ENTERTAINMENT" weightage="20" keywordseo="Africa">Africa</keyword>, each with its own share of uniqueness, strengths and resources, Africa is definitely a huge playing field for international companies. Therefore, it is no surprise to see global entrepreneurs progressively trying to get a portion of this lion’s share. However, the true key to success in doing business in Africa is that you need to think globally, but act locally. 
 Both <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> and Africa share a common past which, includes– struggle against colonialism, poverty and illiteracy. This, in turn, has laid a strong foundation for a long-lasting relationship between the two nations which started more than five centuries ago. he abundance of natural resources, similar demography and large domestic markets have created a natural synergy between these two developing countries, and the economic tie-up also witnessed exponential growth in the last few decade. The partnership between India and Africa goes well beyond economic terms; it extends to both the private and public sectors. 
 
India is currently the fourth-largest trading partner for Africa, right after the European Union, China and the United States. Given the extensive opportunities on the African continent, many countries, including India and China are in the race to reap the returns. India, in a bid to compete with the aggressive Chinese expansion in Africa, pledged $5.7 billion in loans and grants for development projects, in addition to investing in capacity building. 
 Despite its richness in both natural and human resources, the growth of African countries has often been hampered by local political issues, lack of infrastructure, and high poverty rates. This trend however has started to reverse; and over the past two decades, Africa has slowly become home to one of the fastest growing economies in the world. Foreign direct investment (FDI) and trade have become vital sources of <keyword id="352701" type="ORGANIZATION" weightage="20" keywordseo="Economic-Development">economic development</keyword> for Africa. India has also played a role by contributing significantly to the growth of African economies. India is currently the 21st largest investor and the 9th largest source of FDI into Africa – investing in a range of sectors from services through to manufacturing. The Indian private sector is now looking into making more strategic investments in African markets. 
 
Interestingly, both India and Africa have the youngest population in the world. About 65% of the total population in Africa is under 35 years old and current trends indicate that the figure will only double by 2045. The youth bulge has created a need for investments, increased trade, and urgent job creation in Africa. 
 
One of the most innovative sectors in Africa has been communications, specifically in regards to mobiles. The African middle class has been growing at a rapid pace and this has led to an increase of consumption and use of technologies. In 2012, 450 million mobile handsets were sold in Africa, making it the second largest mobile market, after China. Smartphones sale in Africa is expected to grow on an average by 40% a year until 2017.The smartphone industry is likely to account for 15% of the mobile market in Africa in 2014, 23% of the market in 2015, and 40% of the market in five years’ time. 
 
Telecommunications has been a key driver for Africa’s economic growth over the past few years; with high investment rates in the sector. 
 
In parallel with impressive mobile innovation, technology has also gained momentum in Africa. Small and Middle sized Enterprises (SMEs) have been growing rapidly and have the potential to significantly contribute to the growth of local economies. Governments and private investors have cottoned on to this trend, leading to the creation of new policies to nurture SMEs. Entrepreneurs are creating innovative solutions to African everyday problems, and according to the World Bank, there are now more than 90 tech hubs across Africa. These startups are tackling issues ranging from education to transportation and will act as a catalyst for change in the technology landscape of Africa. There is a great deal of excitement around bringing Silicon Valley to Africa, but it is time to create innovation on the continent and take Africa to Silicon Valley. 
 
With all these key developments and the central undivided focus on Africa's fast growing economies, the continent is poised for massive development. Although India and China are in an advantageous position, they will soon be joined by other countries. 
 
The objective however, is to create true positive social impact and moving beyond the surface. Entrepreneurs and SMEs are at the forefront of creating lasting change in Africa, they are true advocates of social impact at grassroots levels. 
 
 About the author: The article has been written by <keyword id="2699246" type="UNKNOWN" weightage="20" keywordseo="Ashish-J-Thakkar">Ashish J Thakkar</keyword>, Founder &amp; MD-Mara Group 
 
(Image: ww.zatilaqmar.com)

India-Africa: Renewing Old Ties

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">GettyFormer Barclays Chief Executive Bob Diamond arrives at Parliament on July 4, 2012 in London, England. Mr Diamond, resigned as Barclays Bank Chief Executive.</div></div></div>The company founded and run by former Barclays CEO Bob Diamond has confirmed that it is in talks with Barclays about buying some of the bank's assets in Africa.<a href="https://uk.finance.yahoo.com/news/atlas-mara-limited-statement-response-060844294.html">In a statement released on Tuesday,</a> Atlas Mara, co-founded by Diamond, says that it is "exploring an acquisition" of Barclays' stake in the bank's African unit.<a href="http://uk.businessinsider.com/bob-diamond-considers-bid-for-barclays-africa-assets-2016-3">Speculation in the markets has been rife that Diamond and his partner Ashish Thakkar will bid to buy part of Barclays' African unit,</a> after the bank said in March that it would sell down its 62% stake in Barclays' Johannesburg listed business thanks to rising regulatory pressures. The unit is worth around 122 billion South African rand (£5.9 billion $8.5 billion) in market cap.The potential sale is part of a larger programme of consolidation from Barclays, as new chief executive Jes Staley looks to focus on the bank's central businesses in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> and the USA.Atlas Mara, founded by Diamond and billionaire Thakkar, says it wants to be "sub-Saharan Africa's premier financial institution" and would use any acquisition of Barclays' assets to gain a foothold in the notoriously fragmented African banking sector.Here's what Atlas Mara had to say in a statement released on Tuesday (emphasis ours):In response to recent press reports regarding interest in purchasing Barclays Plc's ("Barclays") 62.3% stake in Barclays Africa Group Limited ("Barclays Africa"), Atlas Mara Limited ("Atlas Mara" or the "Company") acknowledges that it has had discussions with a consortium of investors (the "Consortium") that is exploring an acquisition of Barclays' stake in Barclays Africa and a potential combination of Atlas Mara with Barclays Africa (the "Potential Combination"). Members of the Consortium include Atlas Merchant Capital, founded by Bob Diamond, and the Mara Group, founded by Ashish J. Thakkar.Atlas Mara's Board of Directors supports the exploration of the Potential Combination, given the expected positive impact on accelerating the Company's strategy to build sub-Saharan Africa's premier financial institution. Atlas Mara's Board has taken advice from external legal counsel with respect to various corporate governance matters. In the event that the Consortium reaches a definitive agreement with Barclays in relation to Barclays Africa, it is expected that Atlas Mara will enter into substantive discussions about the Potential Combination with the Consortium.<a href="http://www.ft.com/fastft/2016/04/26/bob-diamond-confirms-discussions-over-barclays-africa-assets/">The Financial Times reports</a> that the "consortium of investors" mentioned in Atlas Mara's statement contains Atlas Merchant Capital, a firm founded by Diamond, and the Mara Group, founded by Thakkar.While Atlas Mara confirmed the talks, it was clear in stating that there is a strong possibility no deal will be completed, adding: "Given the significant complexity and early stage of the discussions with the Consortium, there can be no assurance that the transactions discussed above, including the Potential Combination, will be completed."Diamond left Barclays in the wake of the 2012 Libor rate-rigging scandal, and has been relatively quiet since then. He is not the only former senior Barclays executive getting involved in new areas of business however, and in February, it was announced that Rich Ricci, a former right-hand man of Diamond's, would be joining online FX firm freemarketFX, as chairman. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/terrorists-groups-isis-make-money-billion-dollars-oil-2016-4">How ISIS makes over $1 billion a year</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="R0N2JleTqvRC6uEEi5Ey6TouNvj_gHDb" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

The former CEO of Barclays is trying to buy part of the bank's African operation

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Reuters/Thomas MukoyaSpectators react as a plane flies over them during the Vintage Air Rally at the Nairobi national park in Kenya's capital Nairobi.</div></div></div>Here is what you need to know.<a href="http://www.reuters.com/article/us-usa-holidayshopping-idUSKBN13L0ZH">Black Friday sales were down</a>. Brick and mortar retail sales fell 5% year-over-year for Thanksgiving Day and Black Friday as online spending broke $3 billion for the first time ever, Reuters reports.<a href="http://mobile.reuters.com/article/idUSKBN13N0Q6">Tensions are growing among OPEC members</a>. The oil cartel's meeting is scheduled for November 30 and there are growing doubts as to whether or not members and non-members can agree to a production cut, according to Reuters. West Texas Intermediate crude oil is weaker by 0.2% near $46.00 per barrel.<a href="http://www.businessinsider.com.au/the-us-dollar-is-under-pressure-in-asia-2016-11">The US dollar is lower</a>. The US dollar index is down 0.4% at 101.12 as the greenback loses ground against all of its major peers aside from the British pound.<a href="https://www.bloomberg.com/news/articles/2016-11-28/boj-has-first-loss-in-four-years-to-prepare-for-jgb-liabilities">The Bank of Japan posted its first loss in four years</a>. The BOJ announced a net loss of 200.2 billion yen ($1.8 billion) in the six months through September as the yen strengthened and the central bank was forced to write down the value of its bond holdings, Bloomberg says. <a href="http://www.businessinsider.com/fillon-defeats-juppe-french-primaries-presidential-election-2016-11?r=UK&amp;IR=T">The French election is down to two candidates</a>. French conservative François Fillon will face far-right National Party candidate Marine Le Pen in the upcoming May election, Reuters reports. <a href="http://www.cityam.com/254464/uks-fifth-most-entrepreneurial-country-world">Singapore is the world's most entrepreneurial country</a>. That's according to the Ashish J Thakkar Global Entrepreneurship Index from the Mara Foundation and Opinium. New Zealand, Denmark, Canada, and the UK round out the top five. <a href="http://www.businessinsider.com/report-samsung-might-split-itself-in-two-2016-11?r=UK&amp;IR=T">Samsung could split itself in two</a>. The electronics giant is considering a proposal from US activist hedge fund Elliott Management that would split it into a holding vehicle for ownership purposes and an operating company, according to Seoul Economic Daily. <a href="http://www.businessinsider.com/carlsen-karjakin-world-chess-championship-games-9-10-summary-2016-11?r=UK&amp;IR=T">The 2016 World Chess Championship is down to a single game</a>. Title-holder Magnus Carlsen of Norway and Sergey Karjakin of Russia are tied up at 5.5 points apiece heading into the 12th and final match, which is scheduled to take place at 2 p.m. ET in Lower Manhattan.Stock markets around the world trade mixed. Hong Kong's Hang Seng (+0.5%) led in Asia and Germany's DAX (-0.8%) lags in Europe. The S&amp;P 500 is set to open down 0.3% near 2,205.US economic data is light. Dallas Fed will be released at 10:30 a.m. ET. The US 10-year yield is down 3 basis points at 2.33%.

10 things you need to know before the opening bell

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Bob Diamond is arguably the best CEO Barclays ever had and the <a href="http://uk.businessinsider.com/atlas-mara-confirms-interest-in-barclays-africa-unit-2016-4">confirmation that he's trying to&#xa0;buy Barclays' Africa assets just cements that theory.</a>Atlas Mara, Diamond's&#xa0;financial services group that acquires other banks in Africa to eventually become the largest firm of its kind on the continent, confirmed in a statement on Tuesday that it is indeed in talks.<a href="http://www.investegate.co.uk/atlas-mara-limited--atma-/rns/statement-in-response-to-media-speculation/201604260702013117W/">The statement said:</a>In response to recent press reports regarding interest in purchasing Barclays Plc's 62.3% stake in Barclays Africa Group Limited, Atlas Mara Limited acknowledges that it has had discussions with a consortium of investors that is exploring an acquisition of Barclays' stake in Barclays Africa and a potential combination of Atlas Mara with Barclays Africa.&#xa0; Members of the Consortium include Atlas Merchant Capital, founded by Bob Diamond, and the Mara Group, founded by Ashish J. Thakkar.It&#xa0;highlighted how "given the significant complexity and early stage of the discussions with the Consortium, there can be no assurance that the transactions discussed above, including the Potential Combination, will be completed."&#xa0;It's pretty sweet revenge for&#xa0;Diamond as the deal would mean snapping up one of his old employers' most profitable assets&#xa0;- <a href="https://www.home.barclays/content/dam/barclayspublic/docs/InvestorRelations/ResultAnnouncements/2015FYResults/20160301_FY15_Results_Presentation.pdf">returns from&#xa0;</a><a href="https://www.home.barclays/content/dam/barclayspublic/docs/InvestorRelations/ResultAnnouncements/2015FYResults/20160301_FY15_Results_Presentation.pdf">Barclays' Africa unit far outstrip&#xa0;those of the investment bank</a>.&#xa0;For example, in 2015,&#xa0;return on tangible equity for Barclays Africa banking was at&#xa0;11.7% compared with 6% at the investment bank. Earnings also surged 11% last year.&#xa0;The unit is worth around 122 billion South African rand (£5.9 billion $8.5 billion) in market cap.Diamond has&#xa0;always had an eye for what makes a profit and how to run an investment bank and right up until a group of traders in Barclays were found to have attempted to rig LIBOR - he was one of the world's most successful banking CEOs.In March, when rumours of the potential deal circulated, the&#xa0;FT said Diamond's acquisition of the Africa unit could be Barclays' "<a href="http://www.ft.com/cms/s/0/30579946-e157-11e5-9217-6ae3733a2cd1.html">nightmare scenario</a>:" "Imagine the boardroom two years hence, when news breaks that Diamond is floating the business for twice what he paid for it. The horror!"<h2 class="p2">"Earn success every day"</h2>Diamond left his post as Barclays' boss soon after the lender became the first bank in the world to settle with US and <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> authorities after the LIBOR scandal.LIBOR - or the London Interbank Offered Rate -&#xa0;is the daily measure meant to show the rate at which banks will lend to each other and is used to set the price of hundreds of trillions of dollars worth of financial products.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>But up until then Barclays was directly competing with Wall Street behemoths and successfully managed to secure funding from Qatar in order to avoid a bailout from the government during the financial&#xa0;crisis. He was a Wall Street man&#xa0;on the Square Mile. An American rock star in The City.Diamond's motto was "earn success every day," and that was his employees'&#xa0;war cry. During Diamond's&#xa0;reign, Barclays was all about risk, high returns, and a focus on cutting-edge trading technology. Retail finance was a mere sidecar to keep consumer operations in order.Despite not being directly implicated in the LIBOR fixing,&#xa0;Diamond was largely blamed for fostering the "<a href="http://www.independent.co.uk/news/business/news/exclusive-barclays-insider-lifts-lid-on-banks-toxic-culture-7920809.html">toxic culture</a>" that&#xa0;led to the bank's fixing fine.&#xa0;He was then replaced by the now-fired CEO Antony Jenkins - known as the "Mr. Nice" of banking who&#xa0;was the bank's retail chief&#xa0;before his elevation.&#xa0;He was the exact fit for what Barclays was looking for at the time - someone to keep the public and politicians happy after&#xa0;the Libor crisis. His clunky motto was "helping people achieve their ambitions, the right way."He was the antidote to Diamond. And he was <a href="http://uk.businessinsider.com/barclays-ceo-antony-jenkins-left-because-of-his-lack-of-investment-banking-understanding-2015-7">fired in 2015</a>.&#xa0;Barclays then <a href="http://uk.businessinsider.com/hedge-fund-exec-james-jes-staley-is-barclays-new-ceo-2015-10" target="_blank">hired Jes Staley&#xa0;who was tipped to&#xa0;unravel everything Jenkins&#xa0;had done</a>.However, after Staley&#xa0;unveiled a loss for 2015, a new structure, and his proposed sell-off of Barclays Africa - it looks like the bank is giving&#xa0;Diamond all the tools he needs to build his own empire.<h2 class="p1"><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Diamond's empire</h2>Staley's Barclays Africa unit sell-off is incredibly myopic. The short-term gains from a sale should be outweighed by the&#xa0;prospects of greater returns.But this is why and where Diamond proves his mettle. Much like his careful long-term craft of building Barclays into a globally competitive bank - he is already creating his own empire through long-term views of Africa.When Diamond left Barclays in 2012 he quickly set up Atlas Mara in 2013- a London-listed group that provides a vehicle for investing in African banks. Basically it was&#xa0;formed to undertake the acquisition of target banks in&#xa0;Africa.Atlas Mara is already a success. It raised $635 million (£441 million) on the London Stock Exchange, has 1,600 employees, and $2.6 billion in assets.Diamond may have set up Atlas Mara relatively quickly but the&#xa0;group provides a comprehensive explanation on its site and through investor presentations about <a href="http://atlasmara.com/why-africa/" target="_blank">how Africa may still be developing but the long-term returns could be massive.</a>So watch this space. Diamond may not be in The City or on Wall Street anymore but he is creating his own empire which&#xa0;may make Barclays kick itself for letting him walk out the door in the first place. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/hamilton-makes-over-2-million-month-producer-jeffrey-seller-broadway-musical-theater-2016-4">Broadway's biggest hit 'Hamilton' is making over $2 million a month - here's why the producer thinks it could be making a lot more</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="hqaGdtMjE6TuOLd1QuJ1UzvqOkB9_J_a" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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India-Africa: Renewing Old Ties

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