Since its independence in 1994, South Africa has become the most developed economy in Africa. This market acts as a gateway to the rest of Africa for investors, due to its diversity, ease of doing business, geography as well as its robust financial and legal frameworks. The UK is a valued trading partner for South Africa, with annual bilateral trade worth just under £10 billion. The country has multiple emerging, fast growing industries, with new employment possibilities and new business opportunities on the horizon.
With a large number of inward investment organisations specifically focussed on supporting British companies trade with South Africa, there is a real opportunity for Scottish businesses to showcase what they can offer whilst at the same time, discovering the full potential of this lucrative market.
Food & Drink –
South Africa’s Food & Drink industry is worth 46.7 billion EUR
The food processing industry is an important sub-sector in the broader manufacturing sector South Africa
South Africa imports of beverages, spirits and vinegar was USD $434.98 Million during 2020
Within the food and drink sector, South Africa is by Africa’s most developed market, yet there are still large opportunities with food consumption expected to increase
Key Opportunities within Food & Drink in SA –
Health Food & Drink products (high quality, niche, organic products are high in demand)
Processed and Convenience Foods – significant increase in sales of packaged foods and ready prepared convenience foods – opportunities to be found within processed and convenience foods as demand rises
British Beef – Following the end of a 15 year embargo, British beef can now be exported to SA and new opportunities are emerging amongst this sector.
Business Services –
South Africa was ranked the top Global Business Services Sector location for 2021 and this industry is rapidly expanding.
Growth in this sector has been driven by strong support from Government, through incentives offered by the DTIC (Department of Trade, Industry and Competition).
Financial / Fin Tech –
As South Africa drives to boost economic growth, the opportunity for financial services to act as a catalyst for growth is significant.
South Africa benefits from some of the most sophisticated financial markets in the world, paired with a robust regulatory system, and is also home to the headquarters of a number of major multinational players in the fields of industry, energy and financial services.
There are multiple opportunities for UK companies within this rapidly growing industry in South Africa.
Healthcare & Medical –
The South African government has indicated that digital healthcare technologies will form an integral part of their National Health Insurance scheme in that it will strengthen healthcare systems, provide better access for patients
Tourism –
Tourism is a key driver of South Africa’s national economy and contributes to job creation. The tourism industry is a major contributor to the South African economy and employment of citizens. The sector contributes about 9% to the country’s gross domestic product (GDP).
There is a real opportunity for us to work closely with Scottish tour operators to explore the growing opportunities available in this industry, in areas such as culture and heritage, wine tours, business tourism, adventure tourism and cruises.
This mission will involve market awareness workshops, B2B connections and networking opportunities. To apply, please email international@inverness-chamber.co.uk