By Simon Nare
Deputy President Paul Mashatile has urged business people in the United Kingdom to invest in South Africa and take advantage of the free trade agreement with other African countries.
Mashatile, who was addressing an event hosted by JP Morgan in London on Wednesday, used the African Continental Free Trade Area deal to woo investors to come do business in South Africa.
He said the agreement was a game-changer for the African continent.
“I encourage UK businesspeople to contribute to this development by establishing their presence in South Africa and conducting business with the rest of Africa from our stunning country, often referred to as a ‘gateway to the African market’,” he said.
Mashatile told potential investors that the agreement has created the world’s largest free trade area, connecting 1,3 billion people across 55 countries with a combined gross domestic product value of US$ 3.4 trillion.
He said in a rapidly evolving landscape, collaboration was key to driving innovation, fostering growth and ensuring the sustainable development of the financial industry.
“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.
“Collaboration is the key to unlocking new opportunities, mitigating risks and delivering better outcomes for all stakeholders involved,” he said.
Pressing issues that needed collaboration in the financial sector included enhancing cybersecurity measures, promoting financial inclusion and developing sustainable investment strategies.
The deputy president added that there must be a willingness to share knowledge, resources and expertise to achieve common goals.
“Let us remember that collaboration is not just about working together; it is about leveraging our collective strengths, embracing diversity of thought and building trust and transparency in everything we do.
“By fostering a culture of collaboration, we can drive positive impact, foster innovation, and create a more resilient and inclusive financial sector for all,” he said.
The deputy president said South Africa was committed to creating an enabling business environment that attracted investment, spurred economic development, and created the much-needed job opportunities.
“As a country, we want to enhance our exports of valuable goods and services to UK. 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,” he said.
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