Agilitee is justly proud of becoming a trusted brand name and manufacturer of world class electric vehicles, green tech, and green energy solutions that have made Agilitee Africa the pioneer of the green revolution in the entire continent of Africa. The impact of the COVID-19 crisis on the global as well as the African economies has been unprecedented, destructive and at the same time disruptive. Global business growth has been slowed with demand falling in all industries. However, the second half of the year saw a swift and admirable recovery due to uplifting of COVID-19 restrictions, U-turn in economic activity, favourable governments means to fighting economic plunge, and mass disbursement of vaccines to curb the spread of the virus. A rebound in the industrial activity, rising production and consumption, higher goods and services tax revenue collections and improvement in the availability of finance have added buoyancy in the economic activity.
Every crisis also presents a great deal of opportunity. Keeping this in mind, we have effectively managed this downturn and emerged stronger than before. We have also undertaken multiple cost reduction exercises across the divisions. This, we expect, will result in significant cost optimization and improvement in margins and profitability. On the other hand, our focus on R&D investment and portfolio expansion remains undeterred. We understand how bad things have been for many in the world, which is why we have decided to create this exciting franchise opportunity that affords all African entrepreneurs an exciting opportunity to partner in building the brand and also reaping the rewards with us. We extended this to even provide in-house finance for up to 70% of the franchise cost thereby giving an opportunity to even those who would not otherwise qualify for traditional financing at the banks.
As you partner us by buying a franchise of Agilitee and bringing Agilitee to your city, may you find confidence in knowing that we will be with you all the step of the way because your success also means success to us. I look forward to meeting you in person as my team assists you in setting up. Remember, Agilitee is the future and the future is now.