Province Already Realising Benefits of Ghana Trade Mission
The Western Cape is already realising the economic benefit of the recent trade mission to Ghana, led by Premier Helen Zille.
Out of the 18 Western Cape-based companies that were part of the delegation, five have so far signed declarations totaling R112 million, while one company has signed an Outward Foreign Direct Investment (OFDi) declaration to the value of R35 million. The latter deal will create about 35 jobs, while enabling 63 jobs to be retained over the next five years.
“It is encouraging to see that, within a short space of time after the Ghana trade mission, companies are already taking advantage of the new market opportunities presented by our relationship with Ghana. Trips like these play a vital role in exposing companies in the province to the broader continent and the globe,” said Premier Zille.
The trade mission was facilitated by Wesgro, the Western Cape’s Tourism, Trade and Investment Promotion agency.
“This year alone, indications are that we are likely to reach over R6 billion worth of investments into the Western Cape. This will be the result of engaging our counterparts in various regions across the world,” said Premier Zille.
“Trade missions allow for Western Cape companies to directly engage with counterparts in key strategic markets, making it easier for companies to sign business agreements. In the 2016/17 financial year, the Wesgro trade team facilitated the signing of 41 business agreements, with an estimated economic value of R9,04 billion, resulting in 781 jobs. The unit also facilitated a total of three Outward Foreign Direct Investment projects, to the value of R507 million, during that financial year. We are proud of these excellent results and will continue to rigorously seek trade opportunities for Western Cape companies, so that we can boost economic growth, and create jobs,” said Wesgro CEO, Tim Harris.
“We will also continue to engage with our partners in Africa, to determine how best we can serve their economic needs, while bringing economic benefit to the local economy. We trust that our recently launched Invest One Stop Shop will assist with ease of doing business in the province,” Premier Zille said.