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Brand South Africa seeks to strengthen ties with Singapore

2017-11-24 09:00 1505

SINGAPORE, Nov. 24, 2017 /PRNewswire/ -- As business and trade links between South Africa and Singapore continue to deepen, Brand South Africa and the South African High Commission in Singapore hosted an event and research consultation on 22 November 2017 in Singapore with the intended aim of enhancing South Africa's trade and business connections with Singapore, as well as the wider Asia region.

Research conducted recently on international investor perceptions by Brand South Africa found that the Asian region generally, and Singapore specifically, has low levels of familiarity of South Africa as both a business and investment destination. Geographical and language barriers were cited as two prominent challenges identified within this report.

During the event high-level dignitaries, including the South African Political Counsellor for Singapore, Mr Sean Pike and Ms Leigh Gail-Petersen, Brand South Africa's Research Manager, as well as leading business professionals and representatives from both markets, sought to assess the challenges and opportunities South Africa faces in the Singapore market, as well as the broader region.

Dr. Petrus de Kock, the General Manager for Research at Brand South Africa commented, "Both Singapore and South Africa are global examples of economies which have transformed themselves in a short period of time. While Asia's growth story is well understood around the world, findings from a recent research project indicate that in Asia there are not similar levels of understanding regarding the business and investment opportunities in South Africa. We hope that by educating ourselves on the Singapore business community's perceptions of South Africa as a business and investment destination we will find ways to strengthen our ties with Singapore, and the broader region. This in turn will help us to raise levels of awareness regarding the business and trade opportunities available in South Africa and in doing so increase appetite for investment in our nation-state."

Brand South Africa's Research Manager, Ms Leigh Gail-Petersen commented on the sidelines of the event saying, "Singapore, and Asia, are important trade markets for South Africa. We are starting to see an increase in interest from Singapore companies in our nation-state, however there is still considerable work to be done in growing awareness in Singapore of the business and investment opportunities which exist in South Africa. By identifying the challenges and opportunities South Africa faces in the Singapore market we hope to positively shape the image of the nation among the Singapore business community and ultimately, further develop business links between the two countries."

Following the establishment of its first African regional office in South Africa in 2013 Singapore and South Africa have made recent headway in the development of their trade ties. Most notably during the Africa-ASEAN Business Expo held in South Africa, from 6 - 8 November 2017, which saw several new Memorandums of Understanding signed between the Singapore Manufacturing Federation and the Johannesburg Chamber of Commerce & Industry.

In its African Statistical Yearbook 2017, IE Singapore identified South Africa as the giant economy in the southern part of the continent highlighting that opportunities for Singapore companies can be found in power generation and hospitality sectors as well as niche sectors such as education services. According to data from IE Singapore South Africa is ranked Singapore's 33rd trading partner and bi-lateral trade reached S$2.236bn in 2015.

Notes to the Editor

Brand South Africa's SA Inc October research project was conducted in South Korea during the International Telecommunications Union World Exhibition and Forum.

About Brand South Africa

Brand South Africa is the official marketing agency of South Africa, with a mandate to build the country's brand reputation, in order to improve its global competitiveness. Its aim is also to build pride and patriotism among South Africans, in order to contribute to social cohesion and nation brand ambassadorship.

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Source: Brand South Africa
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