Mar. 17, 2014
Sumitomo Corporation
Strengthening Our Presence in Sub-Saharan AfricaEstablishment of Sumitomo Corporation of Africa and Opening of Liaison Office in Maputo, Mozambique
Sumitomo Corporation (head office: Chuo-ku, Tokyo; President and CEO: Kuniharu Nakamura) announces the establishment of Sumitomo Corporation of Africa in Johannesburg, Republic of South Africa; and the opening of a liaison representative office in Maputo, Republic of Mozambique as part of its overall strategy to drive further business growth in the Sub-Saharan region (*1) on April 1.
As part of our mid-term corporate strategy of “Be the Best, Be the One 2014” starting from FY2013, Sumitomo Corporation has from a medium-to-long term perspective identified high growth potential regions and designated them “Strategic Regional Focus (*2).” The company has made strategic management investments in these regions, and is now looking for profitable business opportunities. As one of these designated company-wide growth regions, Sub-Saharan Africa has abundant natural resources, a massive need for infrastructure development, a nominal GDP that grew approximately five-fold between 1980 –2012, and a population that is projected to more than double to approximately 2 billion by 2050. Seeing this potential, Sumitomo Corporation established a “Sub-Saharan Market Development Working Group” to begin identifying real opportunities in the region in October 2007. Since then, the company has steadily grown its business in line with local market growth by focusing mainly on natural resources and infrastructure projects.
Looking to further increase its presence, the company has recently decided to turn the former Sumitomo Corporation Johannesburg Branch into a local corporation, Sumitomo Corporation Africa, and thereby strengthen its ability to identify long-term opportunities, including those arising from increased local demand. And by establishing a liaison representative office in Maputo, the company is looking to strengthen its natural resources and infrastructure businesses, as well as establish new businesses in agriculture and food production in resource-abundant Mozambique. Through our increased activities in the region, we hope to not only grow our own business, but also to contribute to the development of the countries of Africa.
(*1) the area of the continent of Africa that lies south of the Sahara
(*2) Other designated “Strategic Regional Focus” regions are India, Brazil, Myanmar and Turkey.
As part of our mid-term corporate strategy of “Be the Best, Be the One 2014” starting from FY2013, Sumitomo Corporation has from a medium-to-long term perspective identified high growth potential regions and designated them “Strategic Regional Focus (*2).” The company has made strategic management investments in these regions, and is now looking for profitable business opportunities. As one of these designated company-wide growth regions, Sub-Saharan Africa has abundant natural resources, a massive need for infrastructure development, a nominal GDP that grew approximately five-fold between 1980 –2012, and a population that is projected to more than double to approximately 2 billion by 2050. Seeing this potential, Sumitomo Corporation established a “Sub-Saharan Market Development Working Group” to begin identifying real opportunities in the region in October 2007. Since then, the company has steadily grown its business in line with local market growth by focusing mainly on natural resources and infrastructure projects.
Looking to further increase its presence, the company has recently decided to turn the former Sumitomo Corporation Johannesburg Branch into a local corporation, Sumitomo Corporation Africa, and thereby strengthen its ability to identify long-term opportunities, including those arising from increased local demand. And by establishing a liaison representative office in Maputo, the company is looking to strengthen its natural resources and infrastructure businesses, as well as establish new businesses in agriculture and food production in resource-abundant Mozambique. Through our increased activities in the region, we hope to not only grow our own business, but also to contribute to the development of the countries of Africa.
(*1) the area of the continent of Africa that lies south of the Sahara
(*2) Other designated “Strategic Regional Focus” regions are India, Brazil, Myanmar and Turkey.
| 【Outline of Sumitomo Corporation Africa】 | ||
| Official Name | ： | Sumitomo Corporation Africa Proprietary Limited |
| Managing Director | ： | Kyo Onojima |
| 【Outline of Maputo Office】 | ||
| Official Name | ： | Sumitomo Corporation, Maputo Liaison Representative Office |
| General Manager | ： | Hidemoto Fukuzawa |
【Sub-Saharan Regional Locations as of April 2014】
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