Luring investors by polishing the brand
The pandemic has had a devastating impact on SA’s economy, harming the country’s image as an investment destination.
The urgency now is to implement measures that will create jobs, reindustrialise the economy, accelerate economic reform and fight crime and corruption.
Ultimately, this is about realising the goals of the economic reconstruction and recovery plan announced in 2020 to revitalise the economy.
President Cyril Ramaphosa has said he is determined not merely to return the economy to where it was before the pandemic, but to forge a new economy in a new global reality.
More than just rebuilding the economy, SA needs to improve consumer and investor confidence through greater policy certainty and economic reforms. An uptick in growth would go a long way towards improving SA’s attractiveness to investors. Encouragingly, the IMF has revised SA’s growth outlook for 2021 from 3.1% to 4%.
At the same time as it rebuilds the economy, SA needs to reignite a united domestic spirit, said Brand SA acting CEO Sithembile Ntombela. “South Africans are among the most resilient people globally,” she said.
“We have a long history of overcoming seemingly insurmountable obstacles. Despite the many challenges facing the country, we have much in our favour, including a sound economic infrastructure and wellestablished tourism infrastructure. We are well endowed with mineral resources, we boast stunning landscapes and unique flora and fauna, and we’re strategically positioned to act as an entry point to the rest of the continent.”
SA has an established market with the requisite skills base and all the fundamentals required to ensure that new investments yield positive results, she said, but these investments need to be strategically focused.
In SA’s favour is that it is the most diversified economy in Africa, which means it is well positioned to take advantage of the opportunities provided by the African Continental Free Trade Area (AfCFTA) agreement.
Brand SA, the official marketing agency of SA, has a mandate to build the country’s brand reputation to improve its global competitiveness, and to foster pride and patriotism among South Africans to contribute to social cohesion and nation brand ambassadorship.
Ntombela said: “The underlying goal of developing a coherent nation brand is to present a positive, compelling and strong nation brand to both domestic and international audiences.”
Countries with a powerful and positive brand image can export more products, services and people, and attract more tourists, compared with countries that have a weaker image.
“Enhancing SA’s image needs to be a relay race rather than a sprint, and we need to become obsessive about asking ourselves what we do next,” she said.
Later this month Brand SA will convene the fifth Nation Brand Forum (NBF). One of Brand SA’s flagship programmes, it is aimed at co-ordinating the participation of relevant stakeholders in achieving a coherent and compelling nation brand image, reputation and identity.
Ntombela said the forum, which this year will be convened under the theme “Believe in SA: reflect, rebuild and reassure”, comes at an important juncture in SA’s efforts to rebuild and reposition itself.
“This year’s NBF aims to collectively and constructively reflect on the challenges facmains an attractive destination for investment, trade and tourism,” said Ntombela.
The forum plans to bring together stakeholders from the government, business and civil society to reflect on the state of the nation, the socioeconomic challenges facing SA and the impact of corruption and the pandemic.
The focus will also include practical measures required to rebuild the economy, such as collaboration between the private and public sectors and civil society. It will focus on how SA can reassure the world that it is able to deliver on its promises. The keynote address will be delivered by minister in the presidency Mondli Gungubele. Other presenters include Business Unity SA president Bonang Mohale and Discovery Health CEO Ryan Noach. Policy adviser and author Simon Anholt and the secretary-general of the AfCFTA, Wamkele Mene, will be among those providing an international perspective on opportunities available to SA.
The NBF, which takes place on September 28 from 9am to 5pm, will be a hybrid event with only a limited audience at the Sandton Convention Centre in compliance with Covid guidelines. It will be streamed live on Brand SA’s digital platforms.
To register for the event, go to https://www.vcrsvp.co.za/NationBrandForumMain2021/register-v.aspx