Over R200 Million in trade deals secured for Cape Town and the Western Cape over the next 5 years

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Over R200 Million in trade deals secured for Cape Town and the Western Cape over the next 5 years
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Over R200 Million in trade deals secured for Cape Town and the Western Cape over the next 5 years
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03 August 2021

Wesgro is pleased to report that the agency’s Export Promotion unit successfully completed a hybrid trade and investment mission to Ethiopia, from 26 June to 02 July 2021, with a total estimated Outward Foreign Direct Investment (OFDI) and exports value of over R200million secured over the next five years. These investments will support the creation of approximately 115 new direct jobs in Cape Town and the Western Cape.

A total of 15 Western Cape companies in the agribusiness, construction, and healthcare sectors took part in the mission, which comprised of over 80 b2b meetings. Eight of these companies formed part of the physical delegation, while seven participated virtually.

Ethiopia represents an exciting and growing market for Western Cape businesses seeking to expand their exports and investments. Of the top ten products, the Western Cape’s fastest-growing export product categories to Ethiopia over the past five years include meat products, textured proteins and wine. The mission was aimed at increasing the Western Cape’s presence in the country and generating export and partnership opportunities in key sectors of the province’s economy.

With Africa being a key export market for the destination, the unit recently led 19 Western Cape companies on a hybrid trade mission to the Republic of Côte d’Ivoire. Taking place from 26-29 July 2021, 11 Western Cape companies attended the mission physically with 8 companies attending virtually. The aim of the mission was to strengthen business links between Cote d’Ivoire and the Western Cape, and establish a strong network in the agribusiness, manufacturing and tourism services sectors respectively.

Ivory Coast is a lucrative market for Western Cape products and services - in 2019, exports from the Ivory Coast to South Africa were around R6.5billion and mainly concerned products such as precious metals, cocoa, and rubber. Imports into Côte d’Ivoire from South Africa stood at nearly R1.5billion and these include transport equipment, plastic material, mechanical devices, and various edible fruits.

“In order to continue to make Cape Town a leading investment option, we champion the #InvestCapeTown initiative, which positions Cape Town as a globally competitive business destination, including marketing the Atlantis Special Economic Zone internationally, providing a dedicated investment facilitation service, and adopting pro-investment incentives,” said Mayoral Committee Member: Economic Opportunities and Asset Management, Alderman James Vos.

Speaking to the importance of increasing export and partnership opportunities in key sectors of the province's economy, Western Cape Minister of Finance and Economic Opportunities, David Maynier said: "We welcome the successful results of the recent trade and investment missions to Ethiopia and the Republic of Côte d'Ivoire as this is one of the many ways we are working hard to grow exports which is a critical lever in our strategy to grow the economy and create jobs in the Western Cape.”

“These missions form part of Wesgro’s continued drive to open new outward investment avenues for Western Cape companies in key African markets to promote intra-African trade. As a result of the export team’s efforts in Ethiopia and Cote d'Ivoire, companies will be able to create employment for many people in the province. In 2020, Africa was our second-largest export market after Europe. Wesgro, along with our partners, remains dedicated to deepening our efforts in key African markets to grow our economy through increased export opportunities,” concluded Wesgro’s Head of Business and Acting CEO, Yaw Peprah.

To view Wesgro’s Exports Mission Plan for 2021/2022, please click here: https://bit.ly/3ChuXaq