Deputy President Paul Mashatile Urges UK Businesses to Invest in South Africa to Tap into African Markets

by Selinda Phenyo
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By Nkosana Khumalo

Deputy President Paul Mashatile has called on business leaders in the United Kingdom to establish a presence in South Africa, emphasizing the country’s strategic position as a gateway to the broader African market. Speaking at a JP Morgan-hosted event in London, the Deputy President highlighted South Africa’s economic opportunities and extended an official invitation to UK businesses and tourists alike to explore the benefits of investing and visiting the country.

“South Africa is often referred to as a gateway to the African market and offers several economic opportunities,” Mashatile said. He encouraged UK businesses to visit the country not only for business purposes but also to appreciate the beauty of South Africa as tourists. This marks the second leg of Mashatile’s working visit to the UK, aimed at strengthening trade and investment relations between the two nations and attracting foreign investors.

Strengthening Trade and Investment Relations

Mashatile expressed confidence that the visit would open doors to new partnerships and collaborations between South Africa and the UK, paving the way for stronger economic ties. “Together, we can build a stronger, more prosperous future for our nations and contribute to the economic prosperity of our regions,” he told attendees, stressing the importance of strategic partnerships in driving mutual growth.

The Deputy President underscored the significance of collaboration, noting that working together is key to unlocking opportunities, mitigating risks, and delivering positive outcomes for all stakeholders involved, particularly in the financial sector. “As we look around us, we see how interconnected and interdependent the global financial ecosystem has become. No longer can any single entity, whether it be a bank, a fintech company, a regulatory body, or a government, hope to address the complex challenges we face on its own,” he added.

The Power of Collaboration

Mashatile emphasized the South African government’s commitment to collaboration with industry partners, regulators, and stakeholders, which has led to positive changes in product and service innovation. He acknowledged that while the government has made progress, there is still much work ahead.

“Our government believes in the power of collaboration,” Mashatile stated. “By working together with our industry partners, regulators, and stakeholders, we have been able to drive positive change, innovate our products and services, and create value for our customers.”

The Deputy President also urged all stakeholders to commit to a more collaborative approach in addressing pressing issues facing the financial sector. He highlighted the need to enhance cybersecurity measures, promote financial inclusion, and develop sustainable investment strategies. Mashatile stressed that achieving these goals would require a willingness to share knowledge, resources, and expertise.

“We must be willing to share knowledge, resources, and expertise to achieve our common goals,” he added, calling on attendees to embrace the spirit of collaboration. According to Mashatile, fostering a culture of collaboration is essential for driving positive impact, fostering innovation, and building a resilient and inclusive financial sector for all.

South Africa’s Commitment to Creating an Enabling Business Environment

One of the key messages Mashatile shared with potential UK investors was South Africa’s dedication to creating a conducive business environment that fosters investment, economic development, and job creation. The Deputy President assured the audience that the South African government is working tirelessly to improve its business landscape, making it more attractive for foreign investors.

“We understand the significance of collaboration with countries like the UK, which share our values and aspirations for a better future,” he said.

Mashatile also emphasized the importance of boosting exports and enhancing international trade relations, particularly in valuable goods and services. He acknowledged the challenges posed by the global pandemic, which has hindered trade progress, but remained optimistic about future opportunities.

“It is admirable that the two countries already trade in food and beverages. However, I must admit that the global pandemic has hindered our trade partnership, leading to only modest progress,” Mashatile explained. He urged both nations to explore measures to expedite international trade and investment, stressing that there is untapped potential for increasing the volume and value of traded products.

Early-Stage Entrepreneurial Growth and UK Investment Potential

The Deputy President pointed to promising signs of early-stage entrepreneurial growth in South Africa and noted that there is already significant awareness of the potential benefits of partnerships between the UK and South Africa. He mentioned that many foreign companies, including UK businesses, have already set up service operations in South Africa and encouraged even more UK companies to explore opportunities in the country.

“There are real signs of early-stage entrepreneurial growth in South Africa, and there is already a lot of awareness of the potential partnerships and benefits to both countries,” Mashatile said. “Already, there are large numbers of foreign companies setting up service operations in South Africa. We’re hoping to see more UK companies in our country.”

He went on to highlight the advantages of investing in South Africa, particularly the free movement of goods, services, and people within the Southern African Development Community (SADC) and other regional trade blocs. Mashatile urged foreign companies to take advantage of these opportunities and position themselves to benefit from broader access to African markets through South Africa.

The Evolving Global Economy and the Need for Innovation

Addressing the evolving nature of the global economy, Mashatile stressed the importance of adapting and innovating to seize new opportunities. As markets become more interconnected, businesses must remain agile and responsive to changes in the global economic landscape.

“The global economy is rapidly evolving, and adapting and innovating are crucial to seizing these opportunities more than ever before,” Mashatile said.

He called on UK businesses to recognize the vast potential of the African market, especially as African economies continue to grow and develop. South Africa, as one of the continent’s leading economies, remains a strategic entry point for businesses seeking to expand into Africa.


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