Deputy President Paul Mashatile has encouraged United Kingdom businesspeople to establish their presence in South Africa to penetrate the rest of the African market.

‘South Africa is often referred to as a gateway to the African market and offers several economic opportunities.

‘I officially encourage UK businesses to visit our lovely country for business objectives as well as tourists to appreciate the beauty of our country,’ the Deputy President told the JP Morgan-hosted event attendees in London.

The country’s second-in-command is in the United Kingdom for the second leg of his working visit to improve trade and investment relations between the two nations and woo investors.

The Deputy President said he was confident that the visit would forge new partnerships and unlock new opportunities for collaboration between the United Kingdom and South Africa.

‘Together, we can build a stronger, more prosperous future for our nations and contribute to the economic prosperity of our regions.’

He stressed the i
mportance 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,’ he added.

He told the attendees that the South African government believes in the power of collaboration.

‘By working together with our industry partners, regulators, and stakeholders, we have been able to drive positive change, innovate our products and services, and create value for our customers.’

However, he acknowledged that the State has a significant amount of work ahead.

The Deputy President urged all stakeholders to commit to a more collaborative approach in tackling the pressing issues facing the financial sector such as enhan
cing cybersecurity measures, promoting financial inclusion, or developing sustainable investment strategies. ‘We must be willing to share knowledge, resources, and expertise to achieve our common goals.’

He reminded the attendees that collaboration is not just about working together but about leveraging collective strengths, embracing diversity of thought and building trust, and transparency.

‘By fostering a culture of collaboration, we can drive positive impact, foster innovation, and create a more resilient and inclusive financial sector for all.’

The Deputy President stressed that the global economy is rapidly evolving and that adapting and innovating are crucial to seizing these opportunities more than ever before.

He took the opportunity to tell potential investors that South Africa was committed to creating an enabling business environment that attracts investment, spurs economic development, and creates much-needed job opportunities.

‘We understand the significance of collaboration with countries
like UK, which share our values and aspirations for a better future.’

As a country, he said 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 added.

He encouraged foreign companies t
o invest in South Africa and benefit from the free movement of goods, services, and people from South Africa to other parts of Africa.

Source: South African Government News Agency