News Formal

South Africa Seeks To Boost Trade And Investment During UK Visit

  • 📰 TheStar_news
  • ⏱ Reading Time:
  • 41 sec. here
  • 7 min. at publisher
  • 📊 Quality Score:
  • News: 37%
  • Publisher: 59%

Business & Finance News

Deputy President Paul Mashatile is leading a South African delegation on a tour of the UK to strengthen economic ties and attract investment. The visit comes as two major international banks, BNP Paribas and HSBC, are pulling out of South Africa.

BNP Paribas and HSBC have decided to vacate their South African operations and announced that they would be leaving this year, subject to regulatory approval.

Mashatile noted that a priority for the GNU was addressing poverty and the high cost of living in SA and strengthening bilateral partnerships in several sectors with the UK. “Our people voted for us to collaborate to create better employment opportunities and equal economic growth in all facets of society. The GNU is the best tactical option for us to move the country ahead, putting our differences aside for the benefit of our great nation,” he added.

Kokkie Kooyman, executive director & portfolio manager at Denker Capital said that the loss of these two banks will have a major impact on South Africa’s ability to get new foreign capital.“It is sad, it is really sad because Africa and South Africa need capital to grow. We do not have enough capital ourselves,” Kooyman said.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 26. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Africa: Kenya's Ruto Urges Africa to Cut Aid Reliance, Boost Healthcare InvestmentKenya's President William Ruto called for Africa to reduce its reliance on foreign aid and push for self-reliance in healthcare at the launch of a new financing program aimed at transforming the continent's medical sector.
Source: allafrica - 🏆 1. / 99 Read more »

Earnings boost for South Africa’s largest insurerSanlam has seen growth in its financial services businesses, with the group’s headline earnings jumping by 40%.
Source: BusinessTechSA - 🏆 24. / 61 Read more »