Mr Nick Chan, MH, JP, the Director of AALCO Hong Kong Regional Arbitration Centre, had the pleasure of hosting a fireside chat with His Excellency Mr. Mojalefa Mogono, Consul General of South Africa in Hong Kong to explore and excel in new markets in other countries. It is essential for entrepreneurs, industrialists, and professionals to have a good understanding of local policies, laws, and culture, to delve into the golden opportunities that South Africa presents. Presenting to a room full of business leaders, officials, and professionals, Mr. Mojalefa Mogono highlighted that South Africa is the largest African continent trading partner of China for many years and a significant participant in the Belt and Road Initiative.
Through continuous win-win dialogue and cooperation, the economy and purchase power of South Africa has risen significantly alongside other BRICS countries. The combined GDP of BRICS has witnessed a remarkable surge, growing from contributing 8% of the global economy in 2001, to approximately 26% in 2021. This exponential growth has attracted more than 40 countries eagerly seeking to align themselves with the bloc and tap into its immense potential for shared prosperity. At the BRICS Summit 2023, a ground-breaking announcement was made, revealing that Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the UAE will formally be admitted as new member states in the coming year. This will bring multidimensional investment and growth opportunities for the bloc, which is home to nearly half of the global population.
Hong Kong’s position as an International Innovation and Technology Hub presents favourable circumstances for Hong Kong investors and businesses to enter the South African market. Similar to Hong Kong, South Africa recognizes the significance of fortifying its innovative capabilities to make a sustainable impact on global scientific and technological advancements. South Africa holds the distinction of being the first country in Africa to successfully introduce 5G technology and has established a public “cloud” in South Africa that serves the entire African region with China. It also plans to increase investments in research and development, optimize the utilization of existing resources, and establish more adaptable institutions. With these measures in place, investors in the innovation and IT sectors can expect a range of great opportunities in South Africa.
As the old saying goes, “seeing is believing”. If you have a keen interest in South Africa, I invite you to join our proposed upcoming trip to this captivating country in June 2024 as Consul General Mr Mojalefa Mogono has invited us to travel with him so he can personally help unlock opportunities. Delegates staying on after the official visit may want to embark on awe-inspiring safaris, explore the enchanting cities suggested by Mr. Mojalefa Mogono, savour the delightful South African cuisine, including the renowned “Gatsby” sandwich, and fully immerse ourselves in the vibrant tapestry of South African culture. This first-hand experience will undoubtedly provide a profound insight into the myriad commercial opportunities that South Africa has to offer.
For those eager to embrace South African culture without delay, a visit to Africa Coffee & Tea in Wong Chuk Hang is highly recommended. There, you can taste an authentic array of South African flavours, allowing your taste buds to transport you to the vibrant heart of the country’s culinary heritage while planning the upcoming journey to South Africa.