MBL Enterprises & Trading is an independent commodity trading company that help manufacturers, wholesalers, and retailers get the raw materials or products they need for their business at the most competitive price. The company is currently based in Charlotte, North Carolina and does business throughout Africa and other parts of the world.
Here is an interview with the founder of MBL Enterprises & Trading, Mamadou Bocar Ly who’s part of the Africans Building Africa movement.
- Tell us about yourself and your organization
- How much did you need to start your organization and how were you able to raise that capital?
I started with a $5,000 capital which I raised with savings and my parents support.
- What are some of the challenges you face in your organization and how do you overcome those challenges?
- Where do you see your organization in 5 years from now and what steps are you taking today to reach that objective?
In 5 years from now I plan on opening an office in Geneva (which is the capital of commodity trading), and in Dakar as a port of entry for Africa. In order to reach my goals everyday I increase my network in those cities and I try to go there at least once every 3 months. I also plan on opening a warehouse to stock some of the commodities we trade here in the U.S, and in the port of Dakar.
- What advice would you give other entrepreneurs looking to start a business or invest in Africa?
I would tell them to never doubt the potential of Africa, the more I progress the more I see the bright future of our continent. I would also tell them to stay away from the industries Africa is known for such as metals and minerals. Agriculture and services will be the number one source of income in the next 20 years.
- How is your business participating to the development of Africa?
We take advantage of the African Growth Opportunity Act (AGOA) to promote African production in the U.S. I believe when more U.S manufacturers and distributors will build confidence in Africa, the trade between North America and Africa will double or triple. It’s only a matter of time before they turn their back on Asia for cheaper labor in Africa.