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Radiant Group looks to grow its presence across Africa
Everyone is talking about India-Africa trade right now. This talk is likely to grow louder following India's decision to honour South Africa's President Cyril Ramaphosa at India's independence celebrations last month. One of the entrepreneurs looking to increase investment between the two Brics nations is David Devasahayam, Founder and Chairman of the Radiant Group of Companies. He is looking to set up a cash services business right now in South Africa employing a hundred people.
Fri, 15 Feb 2019 10:39:57 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- The Radiant Group's imminent investment in South Africa aims to establish a cash services business, leveraging the positive business sentiment between India and South Africa in light of President Ramaphosa's focus on attracting foreign investments.
- Despite challenges such as power security issues and a complex business environment in South Africa, Chairman David Devasahayam remains confident in the venture, drawing parallels to successful business operations in India and positioning South Africa as a springboard for broader African expansion.
- The Radiant Group's expansion strategy encompasses plans to explore investment opportunities in other African countries following the South African venture, with Nigeria and Kenya identified as potential markets for future growth. Devasahayam emphasizes the significance of local partnerships and compliance with empowerment laws in fostering sustainable business growth.
The Radiant Group of Companies, led by Founder and Chairman David Devasahayam, is gearing up to make a significant investment in South Africa, aiming to establish a cash services business that could potentially employ a hundred people. Devasahayam highlighted the favorable business sentiment between India and South Africa, especially following President Ramaphosa's recent visit to India. The President's focus on attracting $100 billion in foreign investments has bolstered confidence in the South African market, making it an opportune time for the Radiant Group to enter the scene.
Despite challenges such as power security issues and a complex business environment in South Africa, Devasahayam remains optimistic about the venture. Drawing parallels to his experiences in India, he expressed confidence in navigating the hurdles of emerging markets and emphasized South Africa's strategic position as a launch pad for broader African expansion.
The forthcoming investment, expected to amount to several million dollars, signals the Radiant Group's commitment to positioning itself as a key player in the region. Devasahayam revealed plans to explore opportunities in other African countries post the South African venture. Nigeria and Kenya are among the targeted markets, with a focus on leveraging the initial success in South Africa to drive further growth.
Addressing concerns surrounding foreign companies' obligations to support local communities and comply with empowerment laws, Devasahayam acknowledged the importance of balancing business interests with social responsibility. He emphasized the significance of empowering local talent and expressed empathy towards government policies aimed at fostering indigenous economic development.
While acknowledging the challenges ahead, Devasahayam remains undeterred, highlighting a meticulous planning approach and the pivotal role of local partnerships in overcoming potential obstacles. As the Radiant Group prepares to embark on its African expansion journey, all eyes are on the unfolding developments in South Africa and the broader continent, awaiting the realization of Devasahayam's vision for sustainable growth and impactful investments.
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