What you need to know:
- Mr. Suri, whose company, has launched operations in a number of African countries including Kenya, Tanzania, Malawi, Gambia and Nigeria, and plans to set up shop in Uganda in the near future, says making business decisions based on population dynamics is one key element investors should consider.
KAMPALA. The Chief Executive of Maser, a Dubai-based electronics company, Mr Prateek Suri, has urged African countries to prepare their populations to benefit from technology solutions coming from different parts of the world.
According to Mr Suri, the future of Africa’s electronics market is rosy, as the continent’s population average age is only 19 and will contribute to a huge demand for electronics in the coming decades.
He said the digital revolution can best be driven by young entrepreneurs.
“Africa is the next big thing. Here is a continent whose population is growing at the highest rate. In fact, World Bank data shows that the continent’s population will double by 2050. And do not forget that the average age in Africa is 19 years. This is the population every global company is looking at. It is a Generation Z that is tech-savvy and wants the best in life despite what their parents went through,” said Mr. Suri in a recent interview.
Africa has been at the forefront of world-class innovation for a long time, especially when it comes to homegrown technology solutions that speak to and solve socio-economic problems in communities across the continent.
Countries such as Kenya and Nigeria have been at the forefront, but the likes of Tanzania, Uganda, Rwanda, and Ghana are establishing tech ecosystems that foster entrepreneurship and skills development, which will open up endless possibilities, particularly for fintech.
Mr. Suri, whose company, has launched operations in a number of African countries including Kenya, Tanzania, Malawi, Gambia and Nigeria, and plans to set up shop in Uganda in the near future, says making business decisions based on population dynamics is one key element investors should consider.
“But some challenges make this generation take too long to achieve its dreams. The issues have been matching quality with affordability. Here is where Maser comes in. We offer top-quality smart TVs, smart speakers, smart air conditioners, smart watches, and other wearables at a very affordable price,” he says.
He says that when talking about technological equity, Africa is normally left out since most countries on the continent lack the financial muscle to afford the expensive products that western and eastern nations enjoy.
“If you look at consumerism patterns in the continent, the African electronics market is promising. Anyone aged 20 now will be 30 years and the growth rate is high, which means there will be a higher demand for modern electronics.
Most of the devices we are currently manufacturing are meant for the next wave of the internet revolution – web3. That means with the increasing internet connectivity in Africa and the reducing cost of mobile internet, the consumption of these devices will be highest in the world in the next 10 years,” Mr Suri said.
“It is time technology companies made their devices, no matter how good quality they have, affordable and we are leading on that front,” he added.
In the Fourth Quarter of the 2022 financial year, Maser group service revenue grew by a whopping 38%, posting up to USD 500.7 million in net sales.
The company gross profits also surged to an unprecedented USD130 million, an achievement the Dubai-based smart TV manufacturer attributed to the good work of the company’s competent staff and its business partners in the supply chain in all the regions where it has a presence.