Potential investors in Africa’s tourism industry are more likely to succeed if they understand that each country is unique and take the trouble to understand local business culture, according to research by Bench Events.
Speaking ahead of the Africa Hotel Investment Forum’s 2014 conference, key players in the continent’s hotel business agreed that African markets are progressively being seen as open for business, regardless of perceptions of eminent risk.
Michael Cooper, vice-president of development in Sub-Saharan Africa for Hilton Worldwide told researchers that investors should “remember that Africa is not one country”. The industry as a whole should talk to each government about the post pressing issues, he added. “Collectively we must continue to put pressure on all African governments for open skies and visa-free travel.”
Kevin Underwood, global leader of leisure and culture for Aecom, told researchers that forming local partnerships and taking advantage of local expertise was crucial to a successful business venture: “Any development project must have a local sequence and one must understand the culture of the African countries. There are no shortcuts.”
Lourie Kruger, VP M&A and treasury at Kingdom Hotel Investments, agreed. “The only way to grow your business effectively is to have really strong relationships. When you don’t have the infrastructure like you do in other markets, those relationships make everything much more efficient.”
The Africa Hotel Investment Forum takes place in Addis Ababa between 29 September and 1 October:
www.africa-conference.com
