Middle East business transactions for China and India
South Africa is now the leading power house of all African business in all spheres of industry. As far as the global economy is concerned, Africa is increasing as an area of strategic interest. It is expected, that this continent may soon provide the U.S. with greater amounts of petroleum than the Middle East. Currently, Angola is the top supplier of oil to China. However, business transactions of China and India, with Africa are swiftly increasing, and their new power houses seem to be thrashing out American and European firms. Africa has a large consumer base of over 900 million people. Although it is estimated that half of Africa thrives on a dollar a day or less, it is also seen that the other half does not, since they have a thirst and need for products and services. There are astonishing opportunities even amongst the underprivileged. The quick expansion in the telecommunication sector is a major example of the argument of C.K. Prahalad’s revolutionary book, The Fortune at the Bottom of the Pyramid. Huge numbers of potential customers may lead to high overall profits even though increased profits may be low.
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