Economists, Ministers and industry experts are set to meet in October this year at the South Africa–Italy Summit in Cape Town to discuss how trade, investments and partnerships can be boosted between the two countries and continents.
The discussions are set to focus on how the two countries can bring mutual benefits to their respective economies, providing a platform for companies entering and expanding both into Africa and Europe.
“South Africa is a key market for Italy in sub- Saharan Africa as about 30% of Italian exports to sub-Saharan Africa are directed to South Africa. Also, metals and mining represent about 80% of total exports from South Africa to Italy,” says Italy Ambassador Vincenzo Schioppa.
The sub-Saharan Africa region has experienced gross domestic product (GDP) growth of more than 6% on average over the past decade, with household final consumption expected to increase fourfold from the year 2000 by 2020.
“Sub-Saharan Africa is booming and is rapidly expanding its consumer markets. As a result, there are huge investment opportunities for collaboration between Italian and South African companies in the fields of manufacturing, energy, infrastructure, telecommunications, agribusiness and transport,” states South African Ambassador to Italy Nomatemba Tambo.
With the emergence of small, medium-sized and microenterprises (SMMEs) as key drivers of economic growth in South Africa, there is a need for medium-high technology for SMMEs in which Italy has strong expertise.
She adds that this is as a result of the Italian manufacturing sector accounting for 4.4-million employees and 18% of the country’s total economy. The two countries have complementary industrial systems and Italian companies can partner with South African SMMEs, which contribute about half of South Africa’s GDP.
“We’re looking forward to exploring many possible areas of collaboration between South Africa and Italy, including the Southern African Development Community’s (SADC’s) regional projects involving energy, infrastructure and information and communication technology, as well as collaboration on health, education, gender equality and other priority issues on the SADC’s agenda”, mentions The European House Ambrosetti senior partner Paolo Borzatta.