The investment is part of PwC’s ongoing strategy to develop high potential markets, and follows the UK firm’s successful investment in Central and Eastern Europe.
“This is an exciting development which enhances our ability to serve clients across the fastest growing region in the world. Africa has an abundance of natural resources and seven of the world’s fastest growing economies meaning the opportunities for UK business are significant,” Ian Powell, UK chairman and senior partner said.
(READ MORE: Growth projected for Africa in 2014)
The UK is renowned for the strength of its business and professional services sector and this deal is a demonstration of how the nation can play to its strengths on the global stage.
PwC adds that this commitment would not only benefit its clients and the PwC network, but was also good for the UK and African economies.
Suresh Kana, PwC Africa Network Territory senior partner said this development was positive for the company as this would enhance PwC’s capabilities.
“This is great news for our network. Over the years we have built PwC into the leading network in Africa,” noted Kana.
“We now see huge opportunities to build our capabilities further as we will be able to invest even faster in key industry sectors such as capital projects and infrastructure, oil & gas, government & public sector and financial services.”
(READ MORE: Africa’s oil and gas sector grows despite challenges)
Kana says the company has great teams in Africa and this investment will help PwC build more local capacity, and create teaming and secondment opportunities.
Professional and business support services is one of the most successful sectors in the UK economy, contributing 12 per cent of total UK gross domestic product (GDP) – more than financial services accounting for 8.5 per cent and manufacturing contributing 10 per cent.