European interest in doing business with South Africa is growing and local organisations should step up their efforts to inform key markets about economic opportunities, according to Wendy Luhabe, chairperson of the International Marketing Council. Yvonne Johnston (CEO of IMC), Wendy Luhabe (Chair of IMC), Clara Furse (CEO of London Stock Exchange), Rusell Loubser (CEO of Johannesburg Stock Exchange) and Monica Singer (CEO of STRATE). |
Luhabe says recent political and economic developments have strengthened the confidence in South Africa as a preferred destination for trade, investment and tourism: "Our strong stance on corruption and the good news about the economic growth rate have been commended. Investors are looking at South Africa with fresh eyes and are recognising the wealth of possibilities waiting for them."
Luhabe has just returned from leading a business delegation to Germany and the United Kingdom where the group of 21 South Africans hosted investment conferences in Frankfurt, Munich and London and had private meetings with senior figures in investment and banking circles.
Jennifer Feinberg, Head of Corporate Structured Finance at the Industrial Development Corporation, says the IMC's branding and investment mission "helped to shift perceptions about South Africa" among key European audiences: "Our direct interaction with top business people addressed many of the common misperceptions about our country."
IMC Chief Executive, Yvonne Johnston, says questions from delegates in Germany and the UK focused predominantly on Black Economic Empowerment and opportunities to do business with South African companies: "We pointed out how BEE has expanded economic participation in South Africa and thus contributed to stability.
"A small but expanding black middle-class is already making an important contribution to economic growth. BEE is a complex and multifaceted undertaking, but not a threatening or inflexible one. It is being implemented pragmatically in line with imperatives of attracting new investment and creating new jobs and skills."
Ethan Dube, CEO of Vunani Capital, says he experienced a very strong interest in developments in South Africa from the business communities: "However, the need for adequate information about opportunities in South Africa remains strong - and the IMC deserves credit for its efforts to market the country to foreign audiences."
Apart from the investment conferences the delegation was hosted by the London Stock Exchange, the headquarters of DaimlerChrysler in Stuttgart, the Bavarian Ministry of Trade, Technology and Transport in Munich, Goldman Sachs and the Editorial team of the Economist magazine.
Luhabe says the IMC will continue to lead branding and investment missions to regions that are of vital interest for South Africa. A delegation visited the United States in 2004 while the Far East and South America will be on the future itinerary.
