Brand South Africa has concluded a consultation session focused on gathering experiences of business from the European Union (EU) based in South Africa.
“The consultation session was focused on gathering deeper insights into the experience of business from the EU based in South Africa. We will now refine our strategy to promote South Africa as an investment destination of choice whilst also communicating our findings with the various government departments that work and interact with the EU community in South Africa,” said Brand South Africa’s General Manager for Research, Dr Petrus de Kock.
The consultation said Brand South Africa on Thursday will see the country’s marketing and reputation management agency deepen its collaboration and partnership with the EU investment community.
Brand South Africa shared the findings from its International Investor Perceptions Research with EU business stakeholders that was released at the end of 2017.
The research showed that the perception and reputation of South Africa fell amongst EU nations in recent years. However, large numbers of diverse investors from the EU are active in the South African market.
“EU nations represent an important trading partner and source of foreign direct investment for South Africa. The EU has historically been South Africa's main trading partner and the biggest source of foreign direct investment (FDI).”
Firms from EU member states represent over 75% of the nation’s total FDI stock.
Chief Marketing Officer at Brand South Africa Linda Sangaret said concerns and challenges of investors were listened to while Brand South Africa also affirmed that the EU remains an important trading partner to the country.
“What was encouraging and positive was that they expressed their desire for further collaboration and deepening of partnerships to promote South Africa in their country markets,” said Sangaret.
Donnee Kruger, member of the Board of Trustees of the EU Chamber of Commerce and Industry in South Africa said the EU investor community in South Africa represents 2 000 companies with over 850 000 employees currently.
“Profits of these companies increased 5% year-on-year within the last year, so it shows that these companies are an active and important part of the South African business landscape,” said Kruger.
Kruger added that research conducted by the EU Chamber of Commerce & Industry in South Africa indicated that 68% of European investors stated that they use South Africa as a base for their operations and trade relations on the continent.
Brand South Africa said that it is hosting the consultation sessions with its global trade partners in South Africa to strengthen ties that promote South Africa’s investor attractiveness and enhance its position as an investment destination of choice on the African continent.
“Inputs gathered from stakeholders will be utilised in planning for the Investment Summit announced by President [Cyril] Ramaphosa during the State Of The Nation Address.”
Brand South Africa said it is looking forward to gathering input from current investors to assess the competitive/comparative advantages the market offers to multinationals, as well as to gather insight into perceived and real challenges to doing business in South Africa. – SAnews.gov.za