(MENAFN- Khaleej Times) The two-way trade and investment between the UAE and South Africa is expected to get a major boost with the African nation embarking on a drive to woo more investors and tourists from the Gulf by showcasing the country's business and tourist potential.
Stella Ndabeni-Abrahams and Manabile Shogole during the Brand South Africa Dialogue-UAE in Dubai on Tuesday. - KT photo by Dhes Handumon
South Africa's Deputy Minister of Communications, Stella Tembisa Ndabeni-Abrahams, who was heading a delegation to Dubai, said that there are bright opportunities to further strengthen the bilateral ties as both countries seek to share the best practices of improving their competitiveness rankings, with a view to become attractive and globally competitive destinations for inward flows of investment.
Addressing a networking session on Tuesday hosted by Brand South Africa to position the nation as a globally competitive destination that is open for business, the minister said sound regulatory framework and South Africa's Special Economic Zones facilitate safe and secure investment climate for foreign investors in the country.
Manabile Shogole, consul general of South Africa in Dubai, said bilateral trade with the UAE has been growing at 20 to 22 per cent and touched $3.5 billion in 2013. Exports from South Africa surged to $1.8 billion, while import from the UAE accounted for the rest. In 2011, the UAE ranked as South Africa's top export destination which amounts to a 43. 5 per cent share of total exports to the Middle East region. There has been a remarkable growth in investment volumes. Investment by South Africans in the UAE stands at Dh3 billion while Emiratis had invested Dh600 million in the African nation, he said. The UAE is recognised as a strategic transit point for a huge market spanning from the Indian subcontinent to the African shores, similarly, the UAE has recognised the importance of South Africa as the gateway into Africa and the unlimited opportunities available, he said.
The dialogue on Tuesday follows a similar session in December 2013, and was aimed at showcasing South Africa as a competitive destination for inward investment, said Shogole. At the event, representatives of the South African government provide information about doing business in the South Africa, including opportunities for investment in South Africa's Special Economic Zones. The session was attended by representatives of Emirati business who run successful companies in South Africa as well as the South African business operators in the UAE.
More than 100 South African companies have established themselves in the UAE and the number continues to grow. These range from well-known restaurant groups such as Nando's, Butcher Shop, Meat Co, Mug & Bean and Debonairs Pizza, to companies in the construction and engineering, banking, energy, travel and hospitality, trading, and HR consultancy sectors.
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