Currently it is easier to play "Frontier Markets" using a combination of strategies. If you believe in the rise of the middle class then you can place your bets through multinational FMCG companies as well as large infrastructure equipment suppliers. Coca-Cola, Unilever, Diageo, Philip Morris, Nestle, Siemens....You get the point. South African companies have also already made large inroads to Sub-Saharan Africa. Another problem is the fragmentation of these markets coupled with the lack of infrastructure. While the demographics are ripe for a major growth phase in Africa the legal and social infrastructure coupled with this fragmentation is likely to impede any real advancement. Vietnam, Pakistan and the like are more likely to advance at a faster clip until some of these problems in Africa can be overcome.