The Rand’s recent decline presents a real opportunity for investors and exporters in the Western Cape. Wesgro, the Tourism, Trade & Investment Promotion Agency of Cape Town and the Western Cape invites investors looking to take advantage of this to make contact with the agency.
According to Wesgro CEO, Tim Harris, “The depreciation in our currency means that our skilled workforce could offer investors better value for money in foreign currency terms, while at the same time benefiting exporters selling Western Cape products abroad.”
“This development also presents an opportunity for those companies looking to utilise the Western Cape as a headquarters for their expansion into the rest of Africa. Essentially our world class infrastructure and transport system, highly skilled workforce, and quality standard of living is now available to international investor at a dramatically reduced price” he adds.
Harris was also buoyed by the latest stats released by Barclays Africa Trade Index where SA was identified as the best investment destination for British firms looking to expand into Africa.
Harris believes that The Western Cape’s contribution to this billing cannot be underestimated. According to the latest figures compiled by Wesgro Research, the province is the destination of choice for 20% of the FDI projects from the UK to South Africa. In 2014 Cape Town received 6% (R206m) of total FDI into African cities.
South Africa came out tops for UK FDI into Africa in terms of both investment projects and capex in 2014, accounting for 28% and 41% respectively.