On Air Mannin Line Andy Wint | Noon - 1:00pm

Wide open African market tempts

More than 50 members of the Island's financial community have heard about the opportunities offered in the expanding African market at a seminar hosted by Standard Bank in the Isle of Man.

Two executives from Standard's South African office, Head of Legal for Africa Allen Leuta and Head of Private Clients Investment Services Graham Baillie flew-in to give presentations at the event on 13 June. 

Guests were told Africa is on the verge of an economic take-off similar to China's 30 years ago, its economy set to grow by more than five per cent this year. That projection has been made against a background of rising consumer income, rapid urbanisation, an expanding jobs market, abundant natural resources and an increasingly sophisticated financial sector.

Speakers told the seminar the Isle of Man is an excellent position to take advantage of the possibilities Africa has to offer.

But there was a warning the competition will be stiff and a long-term, genuine commitment to undertstanding clients' circumstances, needs and concerns would be vital for firms to make headway.

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