Algeria has a population of 42.6 million (IMF, 2018) and is the largest country in Africa in terms of landmass. Trade between the UK and Algeria is expanding. In the year to June 2019, the total trade in goods and services between the 2 nations reached £3.2 billion, an increase of 67.8% on the previous year (ONS, 2019).
With its rapidly increasing population, advantageous geographic position and growing economy, Egypt is a market with a lot to offer. A number of UK companies are already doing business there, including BP, Shell, Vodafone, HSBC, GSK, AstraZeneca and Unilever.
The UK and Ghana share a common business language, the same time zone for half the year and good flight connections.
The Ivory Coast (also known as The Republic of Côte D’Ivoire) experienced an average annual growth of over 8% between 2012 and 2019 (World Bank, 2021). It is a growing regional hub and can be the gateway to French-speaking Africa and the rest of the region for exporters.
Kenya is a relatively mature market economy and a regional financial hub, with strong links to the UK. It boasts a well-educated, English-speaking and productive labour force. UK firms say staff retention rates are high. It’s an increasingly open, competitive and easy place to do business.
Madagascar is an island located off the East African coast, close to Mozambique, Reunion and Mauritius. In the year to June 2019, the total UK exports to Madagascar amounted to £21 million.
Mauritius' economy has gradually moved away from being sugar-based by diversifying into other industries. Mauritius has successfully positioned itself as a regional business and trade hub due to its strategic, geographic location and impressive economic development.
Morocco is a politically stable, business-friendly country. Though its economy has traditionally been more aligned to Europe than to Africa, Morocco is increasingly taking advantage of opportunities across the African continent. This opening up of the Moroccan economy is creating further opportunities for UK firms.
Mozambique has a population of over 30 million inhabitants (IMF, 2019), a wealth of natural resources and strong prospects for economic growth (World Bank, 2019). Mozambique’s long southeast African coastline makes it advantageous for trade with Europe and Asia.
With a population of 195 million and a Gross Domestic Product (GDP) of £397 billion in 2018 (World Bank, 2019), Nigeria has the largest population and economy in Africa. In the year up to June 2019, the total trade in goods and services between the UK and Nigeria was worth £5.1 billion, an increase of 14.4% on the previous year (ONS, 2019).
Seychelles is a chain of islands off the west coast of Africa, with a population of just under 100,000 people (IMF, 2019). Seychelles has seen consistent GDP growth over the past few years, which is expected to continue (IMF, 2019). Furthermore, it has very low unemployment, with a rate of 3.0% in 2018, which helps the spending power of consumers (IMF, 2019).
South Africa, located at the bottom of the African continent and filled with natural resources, is a sophisticated and promising market. It has a well developed economic infrastructure and opportunities in its emerging markets. In the year ended June 2019, total UK exports to South Africa amounted to £4.2 billion (ONS, 2019).
Tanzania is located on the East Coast of Africa. Due to its borders with Kenya, Uganda, Rwanda, Burundi, the Democratic Republic of Congo, Zambia, Malawi and Mozambique, it can be a good gateway to these landlocked countries. In the year ended June 2019, total UK exports to Tanzania amounted to £176 million (IMF, 2019).
Tunisia is a North African country and seaboard to the Mediterranean Sea. It is a major gateway to both Europe and Africa. Economic growth is slowly gaining steam with steady GDP growth, which is expected to continue. Total UK exports to Tunisia amounted to £270 million in the year to June 2019, representing an increase of 8.4% (ONS, 2019).
Zimbabwe has a tough business environment and is facing significant macro-economic challenges. Nevertheless, investment and export opportunities exist if risks are managed. Anglo American, Unilever, and Standard Chartered are some of the major UK firms in Zimbabwe.