UK, Wesgro ink deal to boost investment, trade
Agreement aims to enhance trade and investment opportunities
TRADE between the UK and the Western Cape is set to improve significantly following the signing of an agreement. Wesgro chief executive Tim Harris said that the Western Cape attracted 82 foreign direct investment projects valued at $1.31 billion from the UK between January 2003 and June 2016.
The UK’s Department for International Trade (DIT) and Wesgro, Cape Town and the Western Cape’s official tourism, trade and investment promotion agency, announced a co-operation agreement to further develop a mutually beneficial strategic partnership which aims to promote and strengthen commercial co-operation between the UK and the Western Cape.
The agreement, in the form of a Memorandum of Understanding (MoU), aims to enhance the trade and investment relationship between the UK and the province and secure positive commercial outcomes. The partnership will ensure ongoing collaboration to help maintain existing investments and facilitate the development of new trade and investment opportunities and seeks to develop support services for UK and South African companies and promote business environment improvements. The DIT and Wesgro will work alongside stakeholders from the private and public sectors as well as on a national and local level to meet this objective and wider aims.
Integral to the MoU is the UK’s involvement in Wesgro’s Consultative Forum, which will work with UK firms to identify and address barriers to doing business in the Western Cape.
The UK’s trade director for southern Africa, Elena Williams, said bilateral trade between the UK and South Africa stood at nearly £9bn (R149.5bn) for last year.
“We want to continue to build on this positive relationship through our new partnership with Wesgro, which will help us strengthen ties. By signing this MoU we have taken a concrete step to sharing the insights, expertise and intelligence that will benefit both the Western Cape and the UK as we seek to deepen and strengthen our trade ties,” said Williams.
Harris said: “Building on this important relationship is therefore critical for our regional economy, its growth, and the many jobs we seek to create. Wesgro looks forward to working with the Department for International Trade, as we build on this strong foundation and further boost trade and investment between our two economies.”
Andrew Selous, MP (UK Prime Minister’s trade envoy to SA), said: “We see a great opportunity for business. The trade envoy to South Africa has come through to drive investment, to drive prosperity, to create more jobs. We need more jobs in South Africa, we need more jobs in the UK.”