Gauteng will attract more investors as a result of hosting the BRICS summit, revealed Koketso Tamale, the Head of InvestSA, in a recent interview with The Bulrushes.
The BRICS summit attended by dignitaries from more than 64 countries, including Brazil, China, Russia, and India was held last week from 22nd to 24th August at the Sandton Convention Centre in South Africa.
“Hosting this international summit will attract many investors to the province,” Tamale said after the summit.
“This is a good opportunity that will position the province as an investment destiny since business people, politicians, and other potential investors will be allowed to network and discuss business opportunities.”
“Remember people from different countries are using our infrastructure, including our hotels, transportation, hospitality facilities, as well as our tourist attraction sites.
“This will also add value to the already growing economy of the province.
“For hosting the event of this magnitude, the province will also enjoy an increased global profile, growth in local employment, immediate and short-term economic benefits, and increased long-term investment.”
Tamale said Gauteng is not the only province that will benefit from the summit as the event that events that were held in different provinces such as Western Cape, KwaZulu-Natal, and Eastern Cape also played a role in terms of marketing the country internationally.
She said the event will also position the entire county and the continent with a good chance of attracting investors.
Tamale added that the good thing about events of the BRICS summit‘s calibre is that the host province accommodates the array of sub-events that also attract leading individuals worldwide.
“Having these important people gathered in a single province to grow their networks and expand their businesses is a good thing in terms of stabilising the province’s investors’ confidence,” said Tamale.
She added that the event afforded the province a chance to display its capabilities of holding huge international events.
While addressing the BRICS Business Forum Leader’s Dialogue, President Cyril Ramaphosa urged BRICS countries to make use of the opportunity to contribute to and participate in Africa’s growth story.
“This can be achieved through greater cooperation in areas such as infrastructure, agriculture, manufacturing, new energy, and the digital economy,” said President Ramaphosa.
“South Africa has an important position in this growing African market, facilitated by the African Continental Free Trade Area and other free trade agreements.”
“South Africa’s industrial strength, our mineral endowments, and our large market opportunities provide a compelling value proposition for companies wanting to establish their businesses here.”
President Ramaphosa said South Africa has significant industrial capacity, with Africa’s most advanced industrial innovation and fabrication base.
He added that firms that have invested in the country recognise that South Africa has deep local capital markets and strong financial systems. We have a diverse and sophisticated economy.
“South Africa possesses world-class infrastructure, skills, abundant natural resources, industrial clusters, and a host of incentives to support investment.”
During the BRICS summit continues, South Africa signed several trade agreements including the one that will see local farmers export avocados to China.
SA Agriculture, Land Reform, and Rural Development Minister Thoko Didiza said the agreement was vital as it emphasised the “importance of gaining access to the Chinese market for promoting export-driven growth in the southern region.”