Thursday, November 28th, 2013
SEOUL, KOREA - "Although Chinese corporations are making huge amounts of investment in Africa, it would be even better if Korean companies can join with South African partners." Nomaxabiso Majokweni, CEO of Business Unity South Africa, a business interest group representing 100-plus large companies, said this on November 26 in an interview with the Korea Economic Daily in Johannesburg.
Business Unity held a South Africa-Korea economic cooperation forum on the same day jointly with the Korea International Trade Association. The group has major South African companies such as Eskom, Sasol, Sasol Group Services, Sumo Coal, and ABSA Bank as board of trustee members.
Ms. Majokweni further said, "Africa is growing fast and a big market will be created by 2015 when a free trade agreement encompassing 26 African economies with 600 million people is to be signed. The International Monetary Fund expects all top-five countries with the highest economic growth rates will come from Sub-Saharan Africa by 2018."
"South African companies can be great partners to Korean ones. Once joined together, they can expand toward all African countries," she added. Combining the manufacturing prowess and the experience in export-oriented global expansion with South Africa's regional knowledge and network, according to Majokweni, would be ideally suited for the continent-wide expansion.
The South African government is pushing for large-scale projects to build road and railway networks in Southern Africa including Angola, Botswana, and Namibia. In addition to this, many South African companies are investing aggressively in countries all over the continent.