South Africa’s Western Cape province is committing to help businesses in Cape Town and enhance its own chances of striking trade opportunities in Angola
Western Cape’s official trade and investment promotion agency Wesgro led a delegation to Angola, which included business leaders such as Western Cape premier Helen Zille and Economic Opportunities MEC Alan Winde. The delegates travelled to Angola to discuss ways to enhance trade and investment.
The initiative is in line with the province’s recently unveiled Khulisa Project, aimed at concentrating strategic planning on sectors most likely to deliver inclusive growth and making more of trade and investment in Africa.
Wesgro chief executive Tim Harris said, “Wesgro is committed to helping businesses in Cape Town and the Western Cape take advantage of the extraordinary business opportunities in the Angolan market and the potential for increased tourist arrivals from Angola.”
Angola, which has become one of the fastest growing economies in the world since its civil war ended in 2002, has developed its riches through oil production. However, the government now wants to diversify the nation’s economy and reduce its dependence on oil.
Specifically, Western Cape and Angola have a growing trade relationship. Exports to Angola were US$166mn in 2013 and have grown by 30 per cent in 2014. In addition, Cape Town companies such as Shoprite have invested about US$166mn in the southern African nation since 1998, which have also led to Western Cape exports increasing to US$207mn a year.
