World: The Top 10 ‘Emerging engines of growth’
Mongolia is one of the world’s Top 10 Emerging engines of growth.
Picture by bag_lady, all rights reserved.
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Over the past week we have explored some of the world’s Top 10 Emerging engines of growth as nominated by Business Monitor International. The remaining countries in the Top 10 were covered much more succinctly by BMI so I will give you a summary directly on here. And now, the entire Top 10:
5. Mongolia: My last article on Mongolia focused on the impressive success of Hyundai in this country, anticipating that the Hyundai Accent and Sonata should be the best-sellers there. BMI indicated that revenues from the mining sector have grown quickly over the last few years, and will continue to do so, from US$1.8 bn in 2012 to just under US$5 bn in 2016, pulling the car market upwards in the process. Sales are becoming more sophisticated, with brands like Porsche establishing themselves in the country. There is also a high potential for local lithium battery manufacturing for electric cars and commercial vehicle manufacturing.
Kenya is one of the world’s Top 10 Emerging engines of growth.
Picture by Antoni Georgiev, all rights reserved.
6. Kenya: As described in my last article about Kenya, local assembly of commercial vehicles – mainly pick-ups is starting to gain momentum in the country and now includes Chinese Foton SUP. BMI predicts sales of Commercial Vehicles in Kenya will grow from 8,000 units in 2011 to 18,000 in 2017, paralleling the growth of the construction sector. Kenya has taken such an advantage over its neighbouring countries as far as vehicle manufacturing is concerned that it could soon behave as a significant regional hub.
See the remaining 4 World’s Emerging engines of growth below.