Market Research in Sierra Leone, Africa
Sierra Leone is a West African country. This country has faced many struggles in recent years. In fact, it went through a civil war from 1991 to 2002. The 2006 movie Blood Diamond was based on this civil war. Ebola also ravaged the country in 2014, taking 11,000 lives. It has started to recover, but COVID-19 is slowing it down. So why should you invest in Sierra Leone? Read on to find out.
Sierra Leone is one of the world’s main suppliers of titanium. Diamond mining is also a source of income. Both industries provide jobs and boost tax revenues.
Sierra Leone has fertile land, and farming is another major source of income. The country’s trading partners are the United States, Belgium, Netherlands, and France. The main exports are coffee and cocoa.
Sierra Leone also produces timber for export. In addition, the country exports fish. This industry creates jobs through boat building, fish vending, and marketing.
The tourism and manufacturing sectors are also growing.
Freetown is the capital of Sierra Leone. The deepwater harbor in this city is among the largest in the world. Freetown is also famous for the massive silk cotton tree in the city center. The tree is a symbol of freedom.
The Sierra Leone Museum is another feature. The museum houses several artifacts. Examples are the Ruiter Stone and the original drum of Bai Bureh.
Sierra Leone’s oil and gas sector is still in the research stage. The government hopes to attract investments in this sector. But first, it needs to find deposits.
Benefits and Strengths in the Market
Sierra Leone still struggles with the impact of COVID-19. What’s more, the country has not yet recovered from the outbreak of the Ebola virus.
Still, the government is looking for ways to boost the economy. One of these avenues is organic farming. It is also looking at eco-tourism and renewable energy. Sierra Leone is aiming to become Africa’s first Zero-Carbon middle economy.
Sierra Leone’s economy has matured over the years. At heart, farming employs many working people. Many of the people are tenant farmers. Despite its profits, the economy is in trouble. For example, there is a high rate of unemployed youths. Still, the country is now stable and the climate is right for investors.
Reasons to Grow Your Business in the Market
So why invest in Sierra Leone? For one thing, the market offers many options for investors. For instance, there is an increased global demand for mineral deposits. Sierra Leone has vast deposits of bauxite and diamonds. It also has gold, platinum, coltan, and other natural resources. Thus, it offers five types of licenses to foreign companies to extract these minerals.
The country also promotes farming and small-scale business. Reduced interest rates are making these sectors more attractive. Also, Sierra Leone’s government is looking to woo other investors. For example, it is seeking to boost the economy with tourism investments. Thus, would-be investors should explore the tourism sector.
About Market Research in Sierra Leone
The people of Sierra Leone struggle with poverty. Only a few people are rich or middle-income earners. Also, the country is not well developed.
That’s why we provide Quantitative and Qualitative Research services. We also offer surveys, interviews, and focus groups. These tools can help you decide if investing in Sierra Leone is the right move for you.
We also offer Strategy Research. This crucial type of research tells the investor what will work best in Sierra Leone
Are you thinking of investing in Sierra Leone?