A fast-growing economy and burgeoning middle class are positioning Africa as a meetings and events destination on the rise, according to new research unveiled at the Meetings Africa trade show in Johannesburg.

New research by Rob Davidson, senior lecturer in events management at the University of Greenwich, showed in the past 10 years six of the fastest growing economies hailed from sub-Saharan Africa, with 8 per cent-plus growth rates (admittedly often from modest starts). Moreover, the IMF expects seven of the top 10 fastest growing economies to hail from Africa between 2011 and 2015. This growth, Davidson said, would set the stage for more product launches, more investment, mergers and consolidation – and therefore more events.

Chinese investment in particular (China has just funded a US$200m convention centre, African Union in Addis  Ababa, Ethiopia) was helping fill key infrastructural gaps in Africa, he added: “This bi-lateral trade corridor tends to produce a bi-lateral meetings corridor as well. They’re investing here, so they need to meet here.”

Between 2010-2011 more than 80 new markets also started to fly to Africa, although the slow pace of liberalising Africa’s airlines and high passenger and fuel taxes were inhibiting growth.

A growing middle class – by 2030 this will comprise 300 million-plus people in Africa – was seeing growth in trade and professional associations, fuelling demand for conferences, Davidson added, and leading to international association attention in the continent.

Political instability, infrastructure bottle necks, corruption and perception problems, however, remain “formidable obstacles to Africa’s progress”, Davidson noted, pointing to the situation in Egypt currently: “Long lead-time events require political stability.”

At present Africa holds only 3.1 per cent of the international association meetings market share, according to ICCA statistics, with South Africa 36th, Egypt 50th and Kenya 56th in the world rankings. Only Cape Town, Nairobi and Cairo made the top 100 cities – but Africa is on the way up, Davidson said.

“In the next five years Africa is likely to take the lead in real GDP growth. Looking at those ICCA statistics, Europe is way out in front, with 54 per cent of the market – but every year that drops a little through the growth of competitors – watch this space.”