Trade and Investment into Africa 2019
Cape Town and the Western Cape: A Competitive Place for Business
South Africa is seen to be a geographic gateway to the African market and the Western Cape is strategically positioned for African market access. The province also offers opportunities for oil and gas service providers to the West African markets. Africa is still the largest opportunity for Western Cape exports, with the Continent overtaking Europe as the number one destination for Western Cape exports in recent years. To give this context, Africa was the destination region for the largest share of Western Cape exports (USD3.35bn) in 2017, with SACU (USD1.8bn) and SADC (USD973m) being the second and third largest sub regions for Western Cape exports after the European Union (USD2.48bn). The rest of Africa is also the largest destination for investment by Western Cape companies, accounting for 54% of outward FDI investment from 2008 – September 2018. In addition, an estimated 46% of international companies investing in the Western Cape indicated that they intended on using the Western Cape as a springboard into Africa.