Advancing transformation in the financial services industry
The South African British Chamber plays a critical role in enabling business collaboration and creating strong links to the UK government. This chamber is pivotal in forming a global network, fostering valuable connections and opportunities.
To give these engagements colour, CNBC Africa is joined by Tshepo Ncube, President of the British Chamber of Business Southern Africa.
Fri, 07 Jun 2024 12:17:03 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 British Chamber of Business plays a pivotal role in fostering economic cooperation between the UK and South Africa, facilitating two-way trade and investment.
- The Chamber has made significant investments in driving collaboration and innovation in South Africa through strategic partnerships with local businesses, government agencies, and international stakeholders.
- In response to the current economic challenges, the Chamber is adjusting its strategy to support small and medium enterprises, recognizing the importance of uplifting these businesses during tough times.
The South African British Chamber of Business plays a crucial role in fostering economic cooperation and partnership between the United Kingdom and the Southern African region. With over 50 years of experience, the Chamber has been at the forefront of facilitating two-way trade and investment between South Africa and the UK. Comprising members from both South African and British companies, the Chamber represents a diverse array of businesses across various sectors, showcasing the depth of economic collaboration between the two nations.
Despite challenges like the global pandemic and changes in leadership, the British Chamber has returned with renewed energy and determination to fulfill its mission of driving economic growth and fostering mutually beneficial relationships. In 2020 alone, South African FDI from the UK totaled about 500 billion rands, highlighting the robust economic ties between the two countries.
Total trade in goods and services between the UK and South Africa reached approximately 10.4 billion in the four quarters to the end of Q4 2023. The UK remains one of Africa's largest international trade partners, with South Africa being one of the UK's 28 largest trading partners.
The British Chamber of Business has made significant investments in driving collaboration and innovation in South Africa through strategic partnerships with local businesses, government agencies, and international stakeholders. The Chamber's focus on promoting renewable energy initiatives, supporting small and medium enterprises, and advocating for digital innovation showcases its dedication to advancing key sectors and driving inclusive growth in the region.
In light of the current volatile economic environment, Tshepo Ncube, President of the British Chamber of Business in Southern Africa, emphasized the Chamber's commitment to supporting local businesses, especially small and medium enterprises. Recognizing the challenges faced by SMEs during these tough times, the Chamber is adjusting its strategy to uplift and support these businesses. By bringing together organizations, corporates, and banks, the Chamber aims to create initiatives that provide assistance and opportunities for SMEs in South Africa.
Looking ahead, the British Chamber of Business remains dedicated to advancing economic growth, fostering collaboration, and creating opportunities for shared prosperity in Southern Africa. Through its continued efforts and strategic partnerships, the Chamber is positioning itself as a key player in shaping the future of business and innovation in the region.
