South African multi-brand restaurant franchisor, Spur Corporation, is keen to exploit the exploding middle class and growing foreign influx into Ethiopia to grow its newly launched franchise. last week, it reached an agreement to develop its first Spur Steak Ranch franchise in the East African country.

“Ethiopia is a dynamic, productive country with one of the highest GDP growth rates in Africa,” said Pierre van Tonder, CEO Spur Corporation. van Tonder described the East African nation as an attractive investment opportunity, which entrepreneurs like Spur’s new partners, Cucina Trading are exploiting. Ethiopia being one of Africa’s fastest growing economies.

The Ethiopian economy has registered double-digit GDP growth rates since 2002 stimulating the growth of a middle-class whose taste for world standard restaurants is increasing demand. The country is also home to several foreigners who work for international agencies like the African Union, UNECA (United Nations Economic Commission for Africa), as well as several NGOs.

The capital is also a hub for international flights operated by Ethiopian Airlines, an airline considered the biggest, fastest growing and best performing in Africa. Recent privatisation drive of the government is also expected to expand the market and increase demand for high-quality restaurants which are largely lacking.

Spur’s investment stems from its five-year international plans of having 100 African restaurants outside its home market, South Africa. Spur currently has 39 outlets in 12 African countries outside South Africa. Plans are also on-going to open two others in Arusha, Tanzania, one in Kenya and also one in Zambia.