South Africa Features at Asian Financial Forum 2023 To Build On Over 1 trillion Rand in International Investments To Date
HONG KONG, Jan. 11, 2023 /PRNewswire/ -- South Africa's official marketing agency Brand South Africa is adding to the country's successful streak of attracting 1,2 trillion Rand (HKD 556 billion) in international investments with its attendance and showcasing at the Asia Financial Forum (AFF) 2023. Held at the Hong Kong Convention and Exhibition Centre, Brand South Africa is participating alongside representatives from Bank of China and China Unicom in outlining its economic future in a resurgent, post-pandemic economy. With global priorities from China, Europe and the US increasingly shifting to the African continent, South Africa's attractiveness as an investment destination is being reasserted.
Brand South Africa's attendance at AFF 2023 happens as the South African economy looks to plot a new roadmap for development over the next several years and beyond. The nation's economic output has returned to pre-pandemic levels, and as global pandemic restrictions are lifted and commodity prices stay high, South Africa has performed particularly well in its investment drive efforts. South Africa has gained 1,2 trillion Rand (HKD 556 billion) through its investment drive to date. HKD 11 billion has been invested into South Africa via Ford's business operations in South Africa, while Toyota's future investments in South Africa in producing the Corolla Cross SUV for export to African markets are expected to total HKD 1,1 billion.
The central strengths of the South African economy that are presented to the global financial community are its evolving and significant opportunities in infrastructure development and mining exploration, alongside the country's well-known institutional stability and competitive economic landscape. The country offers 13 special economic zones that offer international investors competitive incentives such as preferential tax rates and export support. The South African government is also committed to supporting international partners and investors in expanding industries such as automotive manufacturing, textiles, energy, chemicals and plastics, as well as agriculture. Furthermore, its prioritisation of the African Continental Free Trade Area (AfCFTA), as well as its considerable diplomatic status on the continent position it exceptionally well to play a strong role in shaping the future of the African continent's economy.
As global interest in engaging with African nations grows, South Africa's diverse and globally connected nation is ideally placed to negotiate a course of mutual benefit and joint development for the continent going forward. South Africa enjoys strong diplomatic and economic relations with China, as well as nations in Europe, and the United States. While China's history of engagement with the continent is decades-old and well-founded, the U.S. has also recently announced that Treasury Secretary Janet Yellen would be visiting South Africa, Zambia, and Senegal in the latter half of January 2023. Looking to the future, as global political and economic priorities shift to Africa, South Africa and its people look to plot a new and better economic future for the global partners of the nation and the continent.
