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Tuesday, 13 December 2016

EU-based companies eye SADC investment opportunities

Some major multinational conglomerates of the European Union (EU) are looking to invest in southern Africa as there will be increasing growth and investment opportunities in the foreseeable future, according to Stefan Sakoschek, regional director of the European Chamber of Commerce and Industry in Southern Africa. Sakoschek was one of the keynote speakers at the Limpopo International Investment Conference in Carousel, Hammanskraal, outside Pretoria. He saud that the EU was the Southern African Development Community’s (SADC) largest trading partner, and it sees Africa as an important investment opportunity, being home to seven of the world’s top 10 growing economies in 2015. According to UN estimates, the region’s GDP is expected to grow by 30% in the next five years, and in the next 35 years, the continent will account for more than half of the world’s population growth. “There is competition for foreign direct investment in South Africa. Most EU companies are looking for investment opportunities in southern Africa because there will be growth in the SADC,” Sakoschek told investors attending the conference, which included British, Dutch and French representatives. “Limpopo has more potential for growth in the region than any [other] province. We appreciate the efforts of Limpopo Economic Development Agency in organising the investment conference and giving us an opportunity to tell our own story about investment in southern Africa. We will assist entrepreneurs in Limpopo to get funding for their projects and equipment, including [advice on] how to invest in the export and import business in the region. “We have BMW and Renault here. Europe is committed to Limpopo, South Africa and the entire SADC region … building good relations between the southern African region and the EU is key for us. We have to control our imports before we can industrialise South Africa and we want local suppliers to work with and interact with government in order to invest and do business in South Africa,” said Sakoschek. The EU Chamber of Commerce and Industry of Southern Africa is a member-driven, non-profit, fee-based organisation representing European businesses in Southern Africa. It was established in May 2015, after 24 months of consultation, and is the voice of 80% of foreign direct investments in South Africa, representing 2 000 companies and 500 000 employees. Members of the chamber include multinational conglomerates such as Mercedes Benz, Alstom, ThyssenKrupp, Osram, Philips, Pepperl+Fuchs, Solvay, Bureau Veritas, Bosch, Oryx, Endemol Shine, Necotrans, Johnson Matthey, G4S, and Intertek. Recognised by the European Commission, the chamber’s primary objective is to advocate for EU companies in the SADC region.

Source: http://mg.co.za/

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