Businesspeople in the United Kingdom (UK) need to establish their presence in South Africa to penetrate the rest of the African market, Deputy President Paul Mashatile said on Tuesday.
Mashatile is in the UK for the second leg of his working visit to improve trade and investment relations between the two nations and woo investors, according to the Presidency.
Speaking at a JP Morgan-hosted event in London, the Deputy President said he was confident the visit would forge new partnerships and unlock new opportunities for collaboration between the United Kingdom and South Africa.
“I officially encourage UK businesses to visit our lovely country for business objectives as well as tourists to appreciate the beauty of our country.”
He stressed the importance of collaboration which, he believes, is the key to unlocking new opportunities, mitigating risks, and delivering better outcomes for all stakeholders involved 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,” Mashatile added.
He also told attendees that the South African government was pushing ahead with enhancing exports of valuable goods and services to the United Kingdom.
“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.
“We must identify measures to expedite international trade and investment. I firmly believe that we have the potential to significantly boost the volume and value of various products, including those produced.”
Meanwhile, he pointed out that there were “real signs” of early-stage entrepreneurial growth in the country and that there was already a lot of awareness of the potential partnerships and benefits to both countries.
“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 reiterated.
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