Farm Machinery Manufacturers See Very Strong Market Potential in Africa
Washington DC: According to a recent survey among 171 manufactures of farm equipment conducted by the Agrievolution Alliance. Africa holds great market potential for agricultural machines, upon suggestion by the European manufacturers’ association CEMA and the World Bank. A global network representing manufacturers of agricultural machinery.
The survey says that, 43% of manufacturers believe that already today Africa is ‘very important’ or ‘absolutely essential’ for their company’s business.
Looking at over the next 5 to 15 years sales perspectives for agricultural machines, 3 out of every 4 respondents (73.6%) believe the African market to hold ‘great’ or even ‘very strong’ market potential.
However, notwithstanding this positive outlook, when doing business in Africa, agricultural machinery manufacturers continue to face a number of major structural challenges.
More than half of the respondents therefore believe that public-private partnerships (PPPs) hold the key to address challenges, viewing them as a ‘very important’ or ‘absolutely essential’ tool in the quest to develop sustainable mechanization in Africa.