Businessweek reports:
Banking powerhouses including Citigroup and JP Morgan operate in sub-Saharan Africa, but last week Russian investment bank Renaissance Capital (RenCap) showed signs of things to come as it bought stakes in brokerages in Ghana and Zambia...Mr Cornthwaite(of Rencap) said: "The situation is similar to our experience in Russia 15 years ago. There is a business opportunity here, and if you've seen the movie before, you're in a better position to capitalise," he said.
While India trys to play catch-up:
India and Africa have similar markets, value systems, levels of development," says Sunil Mittal, chairman of Bharti. "Emerging markets make sense for us."Especially markets in Africa, where connections to India run deep..."If we don't step in today, we will lose a huge market 15 years from now," says Malvinder Mohan Singh, CEO of drugmaker Ranbaxy Laboratories, which operates throughout Africa.
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