The Western Cape Investment and Trade and Promotion Agency (Wesgro) said on Monday it was closely monitoring the remaining leg of the first round of France’s most contested and controversial election with the aim of growing business ties with France and the European Union (EU).
Widely considered a gateway to the EU, France remains an important connection for the Cape.
Europe is ranked as the Western Cape’s strongest contributor to tourist arrivals and France was the province’s fifth-largest tourist arrival source market in 2015 with 76,736 French citizens visiting the region.
Wesgro said it was taking steps to ensure continued tourism, trade and investment between France and the Cape in anticipation of a new administration.
In 2015, the Western Cape’s dominant export product to France was wine, while nuclear reactors, boilers, machinery and mechanical appliances were the province’s most prominent French imports.
A total of 15 foreign direct investment (FDI) projects were recorded from France into the Western Cape over the period 2003 to 2015.
According to the Financial Times’ FDI Intelligence database, these projects represented a total capital investment of $716.8-million, which equated to an average investment of $47.8-million per project, and 1 766 jobs created.
Earlier this month Wesgro’s Investment Promotion team accompanied the Department of Trade and Industry and its Minister Dr Rob Davies at the South Africa-France Business Forum held in Paris.
The team’s priority was to engage agricultural importers and processing investors and it was able to secure new leads with a number of French businesses.
Wesgro is also a supporter of business club Le Cap40 as well as French South African Tech Labs, an incubator and accelerator for French and South African tech start-ups, based in Century City, Cape Town.