Global Business Management in Emerging Markets – An African Perspective

The greatness of BRICS is in the Brickforces

BRICKFORCES are masonry fortifications that help ensure structural stability and durability in buildings. In the same vein, the economic prowess of the group of BRICS(+) countries lies in its ability to refocus the global political, economic and financial trajectory in a way that provides stability and resilience to the macroeconomic fundamentals of every state (irrespective of the level of advancement or might) in an equitable manner. More notably, the continued relevance and prominence of the group lies in its ability to sustain a global geographical footprint, endure the ideological alignment of its founding members, and solidify its deliberate focus on creating a new world order that is not only progressively inclusive, but also robustly balanced on collective strength and leverages. These, amongst other things, would create the needed atmosphere to nurture and grow global businesses sustainability and by extension, mollify the fragility of emerging economies, and galvanise increased global true prosperity. 

By nature, every business with growth potential and the capability to reap location-specific advantages would seek expansion into offshore markets where the institutional apparatus is conducive to sustainability and growth. One of the major challenges, however, is the speed at which change influences global business operations as determined largely by the nature and characteristics of the business environment, which is pervaded by profound instability. More importantly, to attain the competitive superiority that is required for sustainable corporate growth and development, effective, efficient, and reliable scientific tools and mechanisms are essential to nuance the geopolitical and economic landscape of countries, regions and economic arrangements that regulate global trading arrangements. 

Given the peculiar nature of the global socio-political and economic landscape, we approached this book from both a conceptual and operational perspective. To establish a sound theoretical background, we present arguments on documented and tested relevant academic concepts and theses; we offer both historical accounts and current realities to bring these concepts to life. We identify the gaps in documented theories without invoking irrelevant academic debate that is extraneous to the audience of this book. Novel ideas on the currency of theoretical adaptation are introduced into the discourse of corporate expansion into offshore markets, considering not only institutional adequacy, but also market dynamics and socio-economic realities. The book begins by looking at the dynamics of contemporary business operations, especially in the face of the increasing global integration of economies, systems and ideas – of which the group of BRICS(+) offers a unique perspective. We engage global business operations from a functional perspective, essentially by probing the role of regional and bilateral economic integration as regards resource mobilisation, optimisation and leverage in international operations. 

Modulation of these intricacies necessitated the presentation of material on various institutional instruments that motivate or obstruct investor preferences for offshore locations, and we discuss ethical considerations, especially as regards governance. The intricacies of institutional adequacy, as captioned under political economy, are evaluated, and various strategies for entry into offshore markets are also presented. The book makes a unique contribution by devoting a chapter to the intricacies of foreign expansion in emerging markets, with a focus on Africa as a potential investment destination. Another great departure from the status quo is the presentation of extensive material on global business operations, logistics and marketing strategies in emerging markets, with a special focus on Africa. While the existing literature tends to present Africa in terms of despair and tribulation, we present practical theoretical approaches to understanding the continent of Africa in a novel way. We see Africa through the lens of Africans, as Africans living in Africa, and thus present a reappraisal of the continent, in contrast to the established misrepresentation of the continent as a mendicant that feeds the wealthy. 

This book was written specifically to provide existing and aspiring investors in the global business environment with the necessary tools and knowledge and with valuable information that would advance the debate on the new perspectives of BRICS(+) as the group strives towards creating a more robust trading arrangement that engenders growth and development in an equitable manner. Its practical applicability goes far beyond the academic classroom; as it provides rich information on business potentials across Africa, as well as various socialisation perspectives that would be useful for practitioners and investors from BRICS(+) countries. Moreover, the general knowledge presented on topical issues such as global diversity management and institutional mechanisms of African states constitutes a good read for the general community of unbiased knowledge seekers. 

Professor Rafiu Adewale Aregbeshola