Dr Rob Davies and Dr Liam Fox
As the UK prepares to exit the European Union (EU), South Africa is engaging the country to strengthen existing trade ties and identify new mutually beneficial investment opportunities.
South Africa’s Trade and Industry Minister Dr Rob Davies and the UK Secretary of State for International Trade Dr Liam Fox met this week in London to discuss trade and economic relations.
“We must ensure that we have a predictable trade and investment environment for mutual benefit for both parties. As we work to achieve this, South Africa looks forward to discussing how our trade post-Brexit could build on the recently concluded Economic Partnership Agreement with the EU,” Davies said in a statement on Wednesday.
“As we become an even more outward-looking country, we will continue building on our relationship with South Africa,” added Fox.
The UK is the biggest destination in the EU for South African investment, accounting for 30% of the African country’s investments into Europe.
In addition, 46% of South Africa’s global investment originates from the UK, with South Africa the largest recipient – at 30%, or £13.1-billion – of UK foreign direct investment in Africa.
Bilateral trade in goods and services between the UK and South Africa stood at £7.6-billion in 2015, with UK exports of goods and services having increased by 25% in the last decade.
South Africa’s exports into the UK have increased more than 5% a year over the past ten years and the country is the third-biggest trading partner for the UK in the Commonwealth.