Beyond the corporate rhetoric surrounding risk/reward analysis, demographic challenges, and corruption, the reality is often much simpler. Our hesitance often stems from preconceived notions rooted in outdated soundbites, hearsay, and inaccurate portrayals perpetuated by the media. It begs the question: Where is our enthusiasm for exploration, for understanding the real stories behind these markets? How many executives have taken the initiative to visit Iraq or Bangladesh, only to discover that consumer preferences may be more alike than different from those in established markets?
Countries like Iraq, Pakistan, Tanzania, and Bangladesh deserve a more nuanced exploration of their potential. Urban centers like Sulaymaniyah and Erbil are burgeoning with young populations eager for consumer experiences that echo those found in more developed markets. Iraqi consumers are increasingly seeking venues for shopping, dining and recreation, reflecting their desire for similar leisure and lifestyle experiences enjoyed globally.
Similarly, Pakistan presents significant opportunities for food and beverage businesses. With a population exceeding 240 million, projections indicate a burgeoning middle class with increasing disposable income. The urban landscapes of Lahore and Karachi are teeming with entrepreneurial spirit, and local tastes tend to parallel global dining trends despite cultural variances. The opportunity lies in understanding local preferences while offering unique concepts that resonate.
Tanzania, particularly, holds promise within the East African region. The World Bank reported that Tanzania’s economy has been expanding at rates of almost 6%, supported by a young, urbanizing population. Cities like Dar es Salaam are transforming into hubs of activity, with a vibrant culinary scene emerging in tandem with growing tourism. The appetite for diverse dining experiences is likely to flourish along with the increase in international visitor traffic.
Yet, safety concerns frequently arise when discussing these regions. The conversation often defaults to perceptions shaped by historical conflicts or political instability. However, it is crucial to approach each country with an understanding of its unique context. For example, while one might view Iraq through a lens of caution, cities such as Sulaymaniyah are being revitalized, and local communities are actively engaging in shaping a safe, enjoyable environment for themselves.
As Theodore Roosevelt famously stated, “Comparison is the thief of joy.” Each market must be evaluated based on its intrinsic potential rather than through the prism of another’s experiences. The people of Sulaymaniyah measure the safety and vitality of their city by their experiences, not by external judgments.
To harness these emerging opportunities, we must adopt a holistic view and commit to understanding the underlying factors that drive consumer behavior in these markets. Success will not come from a one-size-fits-all approach but rather an open-minded investigation into local tastes, cultures, and aspirations.
In conclusion, the global marketplace offers an array of untapped potential waiting to be explored. Markets in Iraq, Pakistan, Tanzania, and Bangladesh are rich with prospects for those willing to look beyond preconceived notions and invest time and resources to understand them. Engaging with local cultures and leveraging insights from those familiar with the landscape will pave the way for successful and sustainable ventures. As the world evolves, the opportunity lies in unpacking the treasures within these vibrant markets. Don’t let outdated stereotypes cloud your vision; the grass is indeed greener on the other side, and it’s time to cultivate it.
Will Odwarka
Will Odwarka is the Founder and CEO of Dubai-based firm Heartatwork Hospitality Consulting since 2019, and a member of the ACROSS Advisory Board. Born and raised in Vienna, Austria, he has 30+ years of experience leading international strategic growth and development, Franchise and partner management, and F&B operations. He successfully opened over 1000+ outlets in over 40 countries for renowned global players such as McDonald’s, Starbucks, Burger King, Costa, and Wendy’s and smaller players like Creamscafe and Coffeeshopcompany. He strongly focuses on international market entry for F&B players, brand and investor scouting, and AI in hospitality in the Middle East and Europe.
