The Deputy President (DP) of South Africa, His Excellency Paul Mashatile, is in London this week with high level government officials, which included eight South African Ministers and Deputy Ministers, Senior Executives of big corporates and 40 SMMEs and startups.
Under the leadership of Minister Stella Ndabeni-Abrahams from the Department of Small Business Development supported by Edna Montse from African Bank and Steven Zwane from Absa, 22 On Sloane entrepreneurship campus partnered with the Department of Small Business Development, Small Enterprise Development Agency, African Bank, Absa, Telkom and W&R Seta to give the 40 businesses an opportunity to be part of the investor roadshow in London.
The week-long activity started with Absa hosting a UK/SA investor dinner under a Heritage Day theme.
This was followed by the Deputy President, supported by the CEO of African Bank Kennedy Bungane, opening the markets at the London Stock Exchange Group.
At the stock exchange, dozens of investors expressed great sentiments on South Africa’s potential, including the opportunity that the new era presents.
John Reynolds, the UK Secretary of State, also joined the Deputy President and CEO Kennedy Bungane at the stock exchange opening.
Reynolds highlighted the UK’s pride of being one of the largest international investors in South Africa, with total investments of more than £21 billion.
The UK also trades more with South Africa than any other country on the African continent. He highlighted that unlocking more capital for SA and UK businesses is key to making more trade happen.
The London Stock Exchange would also like to grow its offices in South Africa, building from an already 300-strong personnel working from the Johannesburg and Cape Town offices.
A key area of focus is the internationalisation of the South African rand. The London Stock Exchange has 56 active bonds issued in rands from 12 issuers, raising about $2.1 billion and the UK government would like to see that increase over time.
Reynolds also highlighted the UK government’s commitment to support SA’s G20 presidency next year, looking at sustainable development, clean energy, SMME development and industrialisation.
24 South African companies are listed in London, with a combined market cap of $46.7bn; 8 of these are dual-listed on LSE and JSE. 28 companies from around the world are dual listed on London and JSE with a combined market value of $365.3bn.
African Bank, a key sponsor of the London Stock Exchange event, has long been committed to empowering South African SMMEs through its Enterprise and Supplier Development Programme.
By partnering to sponsor the Investor Engagement at the London Stock Exchange, African Bank ensures that a select number of SMMEs from its ecosystem can network with large private sector partners to gain invaluable exposure to international markets and investors.
The event exemplifies the Bank’s ongoing mission to provide small businesses with access to market opportunities, financial inclusion and strategic partnerships.
Mashatile underscored the importance of strengthening South Africa’s global partnerships and the critical role SMMEs play in fostering economic growth and trade on the international stage. Dozens of meetings are still planned with investors and UK stakeholders for the rest of the week.
Kennedy Bungane, Group CEO at African Bank, emphasized the significance of engaging with the UK investor community: "Engaging with the UK investor community provides us with an invaluable opportunity to strengthen ties with influential financial players.
It positions African Bank at the centre of meaningful conversations about the future of banking and financial services, allowing us to highlight the bank’s pivotal role in the African economy."
With South Africa’s UK Investment promotion showcase set to end of this week, I am filled with hope that this unique opportunity will accelerate much-needed investments into South Africa.
Kizito Okechukwu is the executive head of 22 On Sloane, Africa’s largest entrepreneurship campus and co-chair of the Global Entrepreneurship Network (GEN) Africa.
BUSINESS REPORT
