Deputy President Paul Mashatile feels confident that his week in the UK will yield foreign investment into South Africa.
Mashatile said that his work visit to the UK and Ireland would lead to better trade and investment relations between these two nations and South Africa.
He noted that these trade relations had been stagnant for years before this trip.
Mashatile made these comments at the South African Chamber of Commerce (SACC) in London late last week.
Mashatile said that he hoped that the SACC could play a more pivotal role in engaging with businesses to promote bilateral trade and investment links between the UK and South Africa.
“It is our responsibility as leaders in our respective regions to foster an atmosphere that encourages entrepreneurship, fosters innovation, and drives inclusive growth,” the deputy president said.
“Our numerous meetings with potential investors have revealed a shift in their attitudes and perceptions towards South Africa, indicating an optimistic outlook,” he explained.
The UK and SA alliance
Speaking on the South African and UK relations, Mashatile said that this bond will help sustain the new coalition government.
“Our alliance, based not on personal sentiments but on the aspiration to enhance South Africa and, consequently, the lives of our citizens, will undoubtedly sustain the Government if National Unity (GNU) administration for five years,” he emphasised.
Mashatile said that one of the main ways the GNU is measuring their success is directly related to creating employment and assisting entrepreneurs.
The deputy president also noted that the GNU has made huge inroads in creating partnerships with businesses to improve several issues affecting South Africa.
“Businesses hope to continue working with the government in the public-private partnership that has reduced load shedding, improved transport and logistics infrastructure, and strengthened national capacity to combat crime and corruption,” he said.
Load shedding was a concern
Mashatile also said that foreign investors were concerned about the systemic power cuts in SA.
Given that it has been more than six months since SA has had load shedding, there is optimism that energy cuts are not a major concern for UK businesses entering the SA market.
“They confirmed that it allows them to conduct business without uncertainty. The elimination of power outages was largely due to a series of measures implemented by the State-owned power utility, Eskom and government over the past two years,” he explained.
Lastly, the deputy president said that he wanted to increase SA exports of valuable goods and services to the UK
“It is excellent that the two countries already exchange food and beverages. It is critical that we collaborate to create strategies to accelerate international trade and investment,” he concluded.
IOL BUSINESS