Business
Nearly 62% of global logistics professionals say their companies are planning additional or first-time investments in Africa, according to a closely watched yearly industry survey.
The survey of 830 logistics executives is part of the 15th annual Agility Emerging Markets Logistics Index , a snapshot of industry sentiment and ranking of the world’s 50 leading emerging markets.
The Index ranks countries for overall competitiveness based on their logistics strengths, business climates and digital readiness — factors that make them attractive to logistics providers, freight forwarders, air and ocean carriers, distributors and investors. In the 2024 Index, the rankings of most African economies changed little from a year earlier, but businesses indicate they are looking ahead at massive population growth and trade expansion spurred by the African Continental Free Trade Area (AfCFTA).
“This is the most optimism we’ve seen about Africa in the 15 years of the Index,” says Agility Vice Chairman Tarek Sultan. “Africa’s population will double by 2050, when one in four people on the planet will be African. International businesses realize that the time is now for Africa — they need to invest, establish their brands, and develop the next generation of African talent if they’re going to ride the coming wave of growth.”
China and India were 1 and 2 in the 50-country Index rankings. In Africa, Egypt (20), Morocco (22), South Africa (24) and Kenya (25) were the top performers, followed by Ghana (31), Nigeria (36), Tunisia (37), Tanzania (41), Algeria (42), Uganda (43), Ethiopia (45), Mozambique (46), Angola (47), Libya (50).
Egypt has Africa’s highest-ranked domestic logistics opportunities — 13th in that category; South Africa (15) was tops in Africa for international logistics; Morocco (12) has Africa’s best business fundamentals; Kenya (9) is Africa’s most digitally ready – and the continent’s highest-ranked country in any category.
More than 63% of survey respondents say their companies continue overhauling supply chains by spreading production to multiple locations or relocating it to home markets and nearby countries. China, the world’s leading producer, stands to be most affected: 37.4% of industry professionals say they plan move production/sourcing out of China or reduce investment there.
This is the most optimism we’ve seen about Africa in the 15 years of the Index
Shipping and logistics costs that soared during the COVID pandemic and its aftermath are still climbing but at a slower rate, the survey found. One way shippers expect to cope is by increasing use of digital freight forwarding from 37.8% today to 52% in five years.
2024 Index Highlights
SURVEY
- Supply chain restructuring – India, Europe and North America rank ahead of China as destinations executives expect to move production to in 2024 and onwards.
- China – 40% expect their businesses to be less reliant on China in five years. Leading factors in decisions to de-risk in China: difficulty of doing business; U.S.-China trade friction; a slowing economy; the harshness of China’s COVID restrictions.
- Climate change – 66% say climate change is something they’re planning for or already affecting their businesses.
- Emerging markets – the largest percentage sees increased risk/decreased rewards in emerging markets.
- India – many see India growing in importance as a producer and market, but cite inadequate infrastructure and corruption as the biggest obstacles there.
COUNTRY RANKINGS
- In the Middle East and North Africa, overall rankings were: UAE (3); Saudi Arabia (6); Qatar (7); Turkey (11); Oman (15); Bahrain (16); Jordan (17); Egypt (20); Kuwait (21); Morocco (22); Tunisia (37); Lebanon (38); Iran (40); Algeria (42); Libya (50).
- Rankings in Sub-Saharan Africa: South Africa (24); Kenya (25); Ghana (31); Nigeria (36); Tanzania (41); Uganda (43); Ethiopia (45); Mozambique (46); Angola (47).
- Index rankings in Asia: China (1); India (2); Malaysia (4); Indonesia (5); Vietnam (8); Thailand (10); Philippines (18); Kazakhstan (23); Sri Lanka (26); Pakistan (29); Cambodia (32); Bangladesh (33); Myanmar (49).
- Rankings for Latin America: Mexico (9); Chile (12); Brazil (14); Uruguay (19); Peru (28); Colombia (27); Argentina (30); Ecuador (35); Paraguay (39); Bolivia (44); Venezuela (48).
- In Europe: Russia (13); Ukraine (34).
Transport Intelligence (https://apo-opa.co/4bp0Ijf) (Ti), a leading analysis and research firm for the logistics industry, has compiled the Index since it was launched in 2009.
John Manners-Bell, Chief Executive of Ti, said: “Supply chain managers are still coming to terms with the political and economic instability characterizing the post-COVID global economy. Geopolitical relationships are changing rapidly, and this is having a major impact on international trade and risk profiles. Businesses need to be alive to the opportunities and threats that exist in emerging markets and use data, such as the Agility Emerging Market Logistics Index, to inform agile decision-making.”
Despite the Hard Times, Disciplined Saving Culture Breeds Wealth
Renowned billionaire-entrepreneur Warren Buffett is celebrated globally for his well-documented 82 year wealth building journey best summarised by his famous quote, “Do not save what is left after spending, but spend what is left after saving.
While America suffered a devastating economic depression, Mr Buffet continued saving cash which he subsequently spent on buying stocks from different companies, amassing wealth worth billions of dollars.
With Kenyan families hardpressed by dwindling incomes, the hand-to-mouth approach has seen families concentrate on putting food on the table while disregarding an important aspect of human existence, saving for a rainy day.
By adopting a saving culture, individuals create a financial fortress that provides a buffer against unexpected challenges such as job loss, medical emergencies, or economic downturns resulting in business closure among other scenarios. Embracing a saving culture not only serves as a personal safety net but also contributes to the overall resilience of the economy.
The 50/30/20 Rule
One of the strategies to manage your finances wisely is by employing Senator Elizabeth Warren’s 50/30/20 rule. This means allocating 50% of after-tax income to basic needs, 30% to wants, and the remaining 20% to savings, which sets a structured path towards financial stability. This rule acts as a compass, guiding individuals to make informed financial decisions and cultivate a habit of mindful spending.
Modern Saving Methods
Gone are the days of hiding money under your mattress. Today, financial apps offer secure avenues for saving and investing at competitive interest rates that ensure your money continues to grow. These platforms provide not only security but also the potential for substantial wealth growth. Automating savings payments ensures consistency, allowing individuals to grow their wealth systematically.
Diversifying your Savings models
Kenyans traditionally relied on fixed deposits, savings accounts, saccos, and chamas. However, the financial landscape now offers a myriad of options. Money market funds present an attractive alternative for both short-term and long-term investors looking for low risk avenues. With flexible access to funds, this option serves as a pragmatic tool to mitigate the impact of economic uncertainties. For instance, CIC’s Money Market Fund gives you the opportunity to create a wealth basket while also being a proactive step toward financial security in today’s volatile economic climate.
As the swahili saying goes, “Haba na haba hujaza kibaba,” the result of monthly saving habits lies in the ability to foster financial discipline, security, and long-term wealth accumulation.
Whether through regular contributions to investments or retirement plans, consistently setting aside a portion of your income is a fundamental step toward achieving financial goals and building a successful future. As we navigate the tough economic terrain, embracing a saving culture stands as a powerful tool to secure tomorrow’s financial well-being.
The writer is the Portfolio Manager at CIC Asset Management
Chloride Exide, Kenchic Invests In 1.32MW Grid Tie Solar Power System
Chloride Exide, in strategic partnership with Kenchic, has made a significant investment in a 1.32MW Grid Tie Solar Power System, marking a pivotal step towards sustainable energy integration in Kenya.
This collaborative initiative underscores the commitment of both organizations to driving innovative and eco-friendly solutions for a more sustainable future.
The 1.32MW Grid Tie Solar Power System will integrate into its key facilities, the Kenchic Hatchery and Kenchic Processing Plant.
Designed to operate during daylight hours, this solar project is expected to produce an impressive 1,550MWh of energy, effectively offsetting a substantial portion of Kenchic’s energy requirements. This achievement underscores Kenchic’s steadfast dedication to sustainable practices and responsible poultry production.
Established in 1984, Kenchic Ltd. has evolved from a producer of day-old chicks to a leading supplier of a diverse range of processed chicken meat and further processed chicken products in Africa. The company’s growth has been underpinned by a strong belief in the interconnectedness of various aspects of poultry production, such as animal welfare, food safety, productivity, and consumer preferences.
These principles have guided Kenchic’s journey towards responsible and sustainable poultry production, reflecting its purpose of ‘enabling shared prosperity through sustainable food production.’
Jim Tozer, Managing Director at Kenchic Ltd., emphasized the significance of this milestone, stating, “As we celebrate the successful completion of this groundbreaking solar power integration project, Kenchic reaffirms its commitment to sustainability and eco-friendly operations. This initiative is not just a technological advancement but a pledge to reduce our carbon footprint and establish new benchmarks in responsible business practices.”
Charles Ngare, General Manager at Chloride Exide Ltd., also expressed his thoughts on the project, highlighting the collaboration’s role in driving sustainable development. “Our partnership with Kenchic on this solar integration project underscores Chloride Exide’s dedication to providing innovative energy solutions that promote sustainable development. Together, we illuminate the path to a cleaner, more sustainable future for Kenya and are proud to support Kenchic’s vision for a safer and more sustainable poultry industry.”
In line with Sustainable Development Goal 12 to ‘Ensure sustainable consumption and production patterns,’ Kenchic aims to solidify its position as a pioneer in eco-friendly practices within its operations.
The solar power integration project serves as a testament to Kenchic’s commitment to significantly reduce its carbon footprint, contributing to a greener and more environmentally conscious Kenya.
By implementing a grid-tie solar power system, Kenchic anticipates substantial cost reductions in its operational processes, showcasing a commitment to innovation for both sustainability and economic efficiency.
President William Ruto to Officiate 2nd Canada-Africa Business Conference
The Canada-Africa Chamber of Business is thrilled to announce that His Excellency President (Dr.) William Samoei Ruto will officiate the second Canada-Africa Business Conference (https://apo-opa.co/3Uk4DYH) scheduled for 19th – 20th February 2024 in Nairobi.
The event will also welcome Maninder Sidhu, Parliamentary Secretary to the Minister of Export Promotion, International Trade, and Economic Development, in collaboration with the High Commission of Canada in Kenya.
In partnership with the Kenya Private Sector Alliance (KEPSA) and the High Commission of Canada, the Canada-Africa Business Conference is set to bring together industry leaders for a day-long program at the prestigious Muthaiga Country Club and a VIP Reception on 19th February 2024. The program will be followed by a second day of site visits in Nairobi on 20th February.
The conference is open to all corporate members of The Canada-Africa Chamber of Business, along with guests and sponsors. Sectors to be represented include infrastructure, energy, financing for Canada-Africa projects, and FinTech, with additional sector focus areas under development. The overarching theme will underscore Canada’s role as a trusted partner across African markets, emphasizing Kenya’s pivotal position as a key gateway to the East Africa region and the continent.
This forum aims to widen the scope of available opportunities in medical care, infrastructure, energy, FinTech, and project financing
“We eagerly anticipate sharing program updates as we confirm the participation of leading decision-makers,” said Deepak Dave, Program Chair for the event.
Garreth Bloor, President of the Canada-Africa Chamber, expressed confidence in the success of the event, stating, “Our previous engagements in Kenya have always been an incredible success, and this is a testament – in no small part – to the key role of Kenya and KEPSA in Canada-Africa trade and investment.”
Ms. Carole Kariuki, Chief Executive Officer of KEPSA, conveyed enthusiasm about the collaboration, stating, “We are excited to collaborate with the Canada-Africa Chamber of Business and look forward to the forum that will promote trade and investment between Canada and our great continent of Africa. This forum aims to widen the scope of available opportunities in medical care, infrastructure, energy, FinTech, and project financing.”
All conference attendees are invited to join an evening reception on Monday, 19th February, following the day’s program. Christopher Thornley, the Canadian High Commissioner to Kenya, has graciously extended this invitation to all delegates of the 2nd Canada-Africa Business Conference.
Twiva, Shortlist Partner To Offer 0% Interest Loans For Influencers
The aim is to extend this facility to thousands of Kenyan youth, fostering accessibility and enabling them to embark on promising career paths. This collaborative effort between Twiva and Shortlist signifies a significant stride towards empowering the youth by bridging the gap between digital opportunities and the talent pool in Kenya
“Many young individuals in the content creation arena face the challenge of inconsistent income, making it difficult for them to afford coveted gadgets like the iPhone 14 or 15, or the MacBook they aspire to own. To address this, we’re providing them with an opportunity to contribute a minimum of 15% and repay the remaining amount over the course of a year. This approach makes it more manageable for them to plan their finances effectively and acquire the devices they desire,” explained Peter Kironji, CEO and Co-founder at Twiva.
To be eligible for this exclusive offer, a minimum downpayment of 15% of the device’s total cost is required. The remaining balance can be conveniently settled through monthly payments spread over a flexible period ranging from 3 to 12 months.
Importantly, to ensure financial feasibility, your monthly payment commitment should not surpass 25% of your gross monthly income. This structured payment plan is designed to accommodate your financial capacity, providing a pathway to ownership that aligns with your income levels and promotes financial sustainability over the repayment period.
Recent survey findings indicate that a substantial 73% of Kenyans are grappling with severe financial distress or struggling to meet their basic needs. According to a survey by Infotrack released last week, a significant 18% of Kenyans are in severe financial distress, while an additional 55% are facing challenges in making ends meet.
Grace Gikonyo, Head of Marketing & PR at Twiva, shed light on the financial landscape among influencers said that through extensive market research conducted among their pool of 11,000 influencers, they discovered that a majority rely on Buy Now Pay Later (BNPL) services.
Interestingly, the utilization of BNPL leads to influencers spending nearly 80% more when opting for buy now, pay later services.
Recently, there has been a surge in cases where Buy Now Pay Later (BNPL) agencies exploit their clientele. These agencies extend their goods and services to a demographic that may currently struggle with affordability, thereby tapping into a larger market.
A notable incident highlighted by the People Daily Newspaper recounted an individual who ended up paying KSh 211,200 after 18 months. The financial burden was exacerbated by M-pesa transaction charges of KSh 27 for every transaction, coupled with a KSh 12,000 deposit.
Consequently, the individual incurred a total cost of KSh 237,456 for an item with a market price ranging between KSh 100,000 and KSh 130,000.
“The surging popularity of BNPL services prompted us to initiate a pilot study on their usage. While the findings may not be statistically significant due to the small sample size, the study revealed that young consumers, particularly those between the ages of 18 and 35, exhibit the highest reliance on online BNPL services. The primary motivations cited by consumers for opting for these services included budget constraints, an inability to pay the full price of a product or service upfront, and a desire to avoid interest and fees,” explained Austen Stranahan, Chief Operating Officer at Shortlist.
The Chairman of the Digital Financial Services Association of Kenya, Kevin Mutiso, recently condemned the additional collateral charges imposed by Buy Now Pay Later (BNPL) services as criminal.
He attributed this issue to defaults on repayments, which have been exacerbated by the poor performance of the economy. Mutiso disclosed that BNPL players often impose extra charges on borrowers as interest, capitalizing on the depreciation of the local currency against the US dollar.
This trend has gained traction on social media platforms, notably TikTok, where influencers collaborate with Lipa Later companies to promote these services through engaging skits, songs, and dances. Linda Ray, an influencer on Twiva’s platform, highlighted the allure of BNPL.
“You get a little bit of instant gratification, as you may set eyes on a luxury brand purse, phone, or something slightly beyond your day-to-day budget. However, you still have the ability to acquire that product or service and spread the payments over a period, but sometimes the interest rates are so high. You may end up paying way beyond the price.”
The collaboration between Twiva and Shortlist opens up an affordable avenue for micro and nano influencers, earning at least KSh 10,000 per month, to acquire high-quality devices with no interest or fees attached.
In this unique arrangement, influencers have the autonomy to determine their monthly payment amounts within the one-year repayment period.
Affordability has long been a hurdle for influencers aiming to enhance content quality and boost their social media presence. Through this strategic partnership, Shortlist and Twiva are on a mission to empower influencers by providing them access to cutting-edge devices.
Botswana innovator Sarah Molema shortlisted for Aurora Tech Award 2024
Sarah Molema, the innovative founder of Deaftronics (Pty) Ltd in Botswana, has been shortlisted for the 2024 Aurora Tech Award, a prestigious accolade honoring women founders combating gender inequality in the tech industry.
Chosen from 649 applicants, Molema’s inclusion as one of the 20 global finalists not only highlights her achievements but also signifies Botswana’s growing impact in the technological world. Her leadership at Deaftronics is pioneering in aiding the deaf community, driven by a strong belief in their right to unhindered access. This recognition is a testament to her significant contributions and a proud moment for Botswana.
Founded in 2020 by inDrive, a US-headquartered global mobility and urban services platform, the Award supports women entrepreneurs using technology to develop their communities, with the overarching goal of challenging gender inequality in IT.
Ekaterina Smirnova, Executive Director of the Aurora Tech Award, remarked that the venture capital partners have meticulously evaluated each of these submissions, which showcase the increasing participation of women IT leaders who are enhancing the quality of life in their communities, despite the challenges.
“This year’s Awards celebrate the work of these founders and highlight both the diversity of projects and the vital role of local role models in inspiring change. The inDrive team passionately advocates for gender equality in IT. We are proud to recognize and support women through awards that honor their achievements, and actively promote their impactful contributions,” said Ekaterina.
Molema’s inclusion as one of the 20 global finalists not only highlights her personal achievements but also signifies Botswana’s growing impact in the technological world
Three cash prizes will be awarded to the winners: $30,000, $20,000, and $10,000 for 1st, 2nd, and 3rd place respectively. In addition to the prizes, the entrepreneurs will gain access to the driver mentorship program.
The winners of the 2024 Award will be announced at an online ceremony on March 8th, 2024 at www.AuroraTechAward.com. Please register here (https://apo-opa.co/3UbzLti) to watch the ceremony.
Aurora Tech Award 2024 shortlist
- Daniella Castro from Brazil: leader of Huna, a startup focused on the development of cutting-edge AI models for the early detection of chronic diseases in women.
- Marwa Hage from Colombia: her startup, Munily App, uses software to create secure and connected communities.
- Candace Chen from Taiwan: CEO & founder of Fluv, a pet care marketplace for urban pet parents in Asia.
- Joselyne Del Rosario from Ecuador:her startup, DREx, is developing a platform that unlocks the potential of sustainable finance, avoiding E.S.G. greenwashing practices, and building in traceability and transparency.
- Nadejda Anpilogova from Kazakhstan: co-founder of Your Accessible Guide, an ecosystem of inclusive digital products designed to develop accessible tourism for people with disabilities and special needs.
- Maria Dmitrieva, based in Kazakhstan: CEO & co-founder of EcoDisclosure, a premier company revolutionizing the way businesses approach environmental, social, governance (ESG) scoring and disclosure.
- Sandra Montes Pérez from Spain: with the ScrapAd startup, a marketplace platform for recyclable materials.
- Paula Monticelli from Argentina: through her startup, CryptoMate, she wants to improve access to web3 with innovative digital solutions.
- Rim Jourdan from UAE: her startup, Skatch, is a professional platform for blue and gray-collar workers. Focusing on the MEA region, Skatch aims to help technicians, workers, vendors or other professionals with lower education levels to secure jobs, and upskill through AI, gaming and community building.
- Aidana Aituarova from Kazakhstan: as founder of Porte Tech, she contributes to the sustainable development of her hometown. Her company’s ESG-friendly web application with automated “key to all doors” helps to reduce financial and time costs by integrating RFID cards, parking remotes, paper passes and magnets in one application.
- Hannah Töpler from Mexico: founder and CEO of Intrare, a social tech that builds proprietary AI to eliminate bias from recruitment. Intrare’s mission is to match millions of refugees, marginalized women, LGBTIQ+, and other diverse talents with fair jobs, to break the poverty cycle.
- Firouza Eshonova from Uzbekistan: creator of Mila4AI, an app that aids those with speech disorders to improve their speaking ability. The app employs AI to prescribe oral motor and articulation exercises without needing a therapist present during their treatment, giving those who live in places that lack access to speech therapists an opportunity to improve their condition.
- Assem Tazhiyeva from Kazakhstan: founder of Ozim Platform, a social project dedicated to supporting families with children who have special needs, by connecting them with research-based educational and psychological resources.
- Aira Mongush from Cyprus: her startup, Mathhub, seeks to create global high value deep tech projects, building accessible tech education and reinforcement Learning and Group theory applications in Machine Learning Research.
- Chinwendu Nweke from Nigeria: founder of Bridge Merchant Enterprises. Her vision is to see world hunger and poverty eradicated using technology and people-empowered solutions.
- Alena Shchavleva based in Indonesia: founder of Effelp, a startup that matches up a patient’s needs for help and support with the resources available in his/her surroundings.
- Megan Lam from Hong Kong: co-founder & CEO at Neurum Health. She is excited about meaningful changes in mind and lifestyle health.
- Jasmijn Kok from Netherlands: founder of Nina.care, a database of reliable and loving nannies and au pairs. Her super-fast app arranges everything in no time.
- Folake Owodunni from Nigeria: her startup, Emergency Response Africa, is dedicated to making healthcare accessible in Africa.
The panel of judges will include prominent female IT entrepreneurs, the winners of last year’s Aurora Tech Award, and key industry experts. Prominent members of the jury include Ms. Sadaf Abid, a social entrepreneur and CEO of Kashf Foundation (Pakistan); Leonor Cogneau, Head of User Experience at Carsome (Malaysia); Mai Medhat, CEO and co-founder of Eventtus (Egypt); Charlot Magayi Founder and CEO of Mukuru Clean Stoves (Kenya); Sullyen Almeida, Principal at monashees; and Tatyana Terentyeva, General Counsel at inDrive.
Punchline Comedy Club, in collaboration with Gilbeys Gin, recently presented the inaugural ‘Winedown Wednesday’ comedy show at The Two Grapes Bar & Restaurant in Kilimani on January 17th. This event marks the commencement of a series of comedy nights orchestrated by Punchline Comedy Club at various locations throughout Nairobi. The evening commenced with a measured pace, allowing attendees to indulge in the delectable Gilbeys gin cocktails and appetizing bites, accompanied by introductory remarks from Eric Lu Sava, the Founder of Punchline Comedy Club.
Designed to cater to diverse audiences, including friends, families, and colleagues, these comedy nights promise an abundance of laughter and excitement. Performances by comedians from varied backgrounds engage the audience with thoughtfully placed and well-articulated jokes. Punchline Comedy Club is dedicated to supporting emerging local comedic talents, providing them with a platform to cultivate both their audience and skills.
Zipporah Ndung’u, the Brand Manager for Gilbeys at EABL, emphasized that the collaboration extends beyond comedy, aiming to deliver unforgettable experiences. The evenings blend the smooth taste of Gilbeys Gin with the comedic prowess of the performers. She commended Punchline for their steadfast commitment to infusing laughter and joy into the lively city of Nairobi.
Zipporah Ndung’u remarked, “This partnership is a celebration of laughter, joy, and the spirit of festivity. We look forward to the shared moments our comedy nights will bring. Here’s to a partnership that promises to be as smooth and enjoyable as a sip of Gilbeys Gin.”
The comedy nights and activations lined up by Gilbey’s and Punchline include a weekly Wednesday comedy show at Two Grapes dubbed ‘Winedown Wednesday’, a weekly Thursday comedy show dubbed ‘One Mic Stand’ and a Friday activation at the Cavalli Restaurant and Bar. There will be a final ticketed comedy special dubbed ‘Yo Mama’ on February 10th at the Mama Rocks Restaurant, Karen.
The collaboration underscores Gilbeys Gin’s dedication to supporting young talents by investing in programs nationwide. This commitment stems from a belief in nurturing and developing the creative industry by providing opportunities and fostering talent.
Eric Lu Sava, Founder of Punchline Comedy Club, underscored the significance of comedy, highlighting the abundant talent in stand-up comedy in Kenya and Africa. He asserted that stand-up comedy is poised to become the next major cultural phenomenon, with talent readily available; the next step is the cultivation and expansion of the market.
Samsung Electronics Co., Ltd maintains the edge over its competitors as it is set to revolutionize the consumer electronics industry with its unwavering commitment to AI-driven technology. Recognizing AI as the cornerstone of innovation, Samsung is reshaping the future of its products, embedding AI capabilities across a diverse spectrum of devices.
Samsung’s AI-centric approach aims to transcend traditional device boundaries, enriching users’ lives through smarter, more inclusive experiences. With a robust portfolio encompassing over 500 million smart devices annually, Samsung is uniquely positioned to democratize AI, integrating it into everyday life.
Mr. Sam Odhiambo, Head of Consumer Electronics at Samsung Electronics East Africa said that at Samsung, AI isn’t just a feature; it’s the catalyst for transformative experiences and it aids in reimagining consumer electronics, infusing AI into the products to create personalized, intuitive, and seamlessly connected experiences.
Samsung’s relentless pursuit of AI excellence is attributed to an urge to create inclusive technology, ensuring its products cater to diverse user needs. The company’s focus on AI is not just about technological advancement; it’s about empowering users and enriching their lives.
Samsung’s decade-long investment in AI technology is evident in its popular products and evolving services. Samsung is not only enhancing user experiences but also focusing on responsible innovation. Sustainability, accessibility, and reduced environmental impact are integral to Samsung’s AI initiatives.
“Central to Samsung’s strategy is fostering an open ecosystem, facilitating collaborations with partners to enrich AI experiences. The SmartThings platform, already hosting millions of devices, exemplifies Samsung’s commitment to collaborative innovation,” said Mr. Sam Odhiambo.
Samsung’s AI-led innovations span across diverse categories, such as visual displays, digital appliances, mobile experiences, and automotive technology. From AI-powered visual displays offering unprecedented clarity to smart home appliances seamlessly integrated with AI for enhanced functionality, Samsung’s products exemplify the potential of AI in reshaping everyday experiences.
“Samsung Neo QLED 8K QN900D boasts a built-in AI Processor, NQ8 AI Gen 3, equipped with an 8 times greater AI neural network and two times faster NPU than its predecessor. Thanks to the NQ8 AI Gen3 processor, Samsung Neo QLED 8K automatically upscales low-resolution content to provide users with up to 8K quality viewing experience and sharpens fast-moving images via AI Motion Enhancer Pro. The Samsung Neo QLED 8K also features Active Voice Amplifier Pro, which analyses voice and background noise by AI to optimize your TV listening experience so you can enjoy various content as if you are in the front row of a stadium or movie theatre. Samsung Neo QLED 8K also features Tizen OS Home, which offers the latest apps, services, personalized content, and service recommendations to upscale your entertainment experience,” noted Mr. Sam Odhiambo.
Samsung’s dedication to AI is evident in its efforts toward security advancements, resource circularity, and energy conservation. The company is committed to achieving net-zero goals and actively employs recycled materials in its products, showcasing its dedication to sustainable practices.
In a meticulous analysis driven by economic data, the 2024 African Outlook Report by Stears identifies East Africa as an emerging leader and regional powerhouse. Renowned for its nuanced insights into the continent’s economic landscape, Stears sheds light on diverse growth trajectories across Africa.
Stears, accessible at https://www.Stears.co/home/, underscores the imperative for strategic interventions aimed at enhancing liquidity and stabilizing exchange rates. The report emphasizes the pivotal role of collaborative initiatives involving government bodies, regulatory entities, and the private sector to foster sustained economic growth.
The forecast for Africa’s overall growth in 2024 stands at 4.0%, a noteworthy increase from 3.3% in 2023, positioning the continent as the second-highest globally, trailing only Asia with a growth rate of 4.8%. East Africa plays a central role in this narrative, consistently exhibiting higher growth rates than the rest of the continent. Key drivers of this growth include Rwanda, Tanzania, Uganda, and Kenya, collectively contributing significantly to the region’s economic resurgence.
Delving deeper into the analysis, Stears focuses on key African countries such as Kenya and Nigeria, revealing persistent economic challenges in both nations. Specifically, the report highlights Kenya’s anticipation of ongoing currency depreciation and inflationary pressures. In 2023, inflation averaged 7.8%, with a nuanced forecast ranging between 6% and 7.4% for 2024, aligning with the Central Bank of Kenya’s (CBK) target range of 5±2.5%, reflecting a global trend aimed at enhancing price stability.
Fadekemi Abiru, Head of Insights at Stears, attributes East Africa’s growth to dynamic sectors, including natural resources, transportation, tourism, and agriculture. The region’s potential for further acceleration is underscored by increased investment from Gulf countries, positioning East Africa as a model region for economic resilience and diversification.
However, Kenya’s GDP per capita stands 30% above the Sub-Saharan Africa average, signaling increased consumer spending and positioning the country as a significant market. The report, nonetheless, highlights the potential for further GDP per capita growth, particularly through improved job creation in high-value sectors like manufacturing and services.
Yvette Dimiri, Director at Stears, articulates the vision behind the report, stating, “Our 2024 African Outlook Report reflects Stears’ commitment to providing data-driven insights that transcend conventional narratives. As Africa navigates its course in the global economic landscape, understanding distinctive growth trajectories and leveraging regional strengths will be key.”