Traders encouraged to step up investment in South Africa

This article was published by the Macroview Weekly on July 4, 2007. It reports that according to Taiwan's de facto ambassador to South Africa, Taiwanese businessmen in Africa should use that country as their springboard to the rest of the continent. Taiwanese businessmen are urged to invest more in the continent because of its market potential.

“The African continent spans 53 countries with a total population over 900 million people. The market potential is immense. South Africa has the highest concentration of Taiwanese investors than any other African country because of its well-established infrastructure,” said Richard Shih, the de facto ambassador. “South Africa's rapid economic climb in the recent years has captured international attention.”

Shih made the remarks in Johannesburg at an annual business convention attended by Taiwanese businessmen from all parts of Africa, including Swaziland, Lesotho, Mauritius, Uganda, and Ivory Coast. A delegation of Taiwanese lawmakers also attended the meeting.

Taiwanese investors should use South Africa as their home base as they tap into neighboring countries such as Angola, Mozambique, Botswana and Namibia, Shih said. According to him, these countries are making substantial economical gains because they are rich in natural resources and politically stable.

Moreover, according to Shih, Taiwanese businessmen should make their roles in Africa more significant as the continent develops a closer working relationship with China.

“It is crucial for Taiwanese businessmen to dig their heels into the Africa economy by seizing opportunities to make their business influences here more sustainable,” Shih said.

Shih, a former foreign minister, pointed out that Pretoria is the second largest administrative capital in the world, second to Washington D.C. More significantly, South Africa is host to 297 international organizations and over 6,000 diplomats from around the world at any given time. There is no doubt that South Africa has become the political and economic hub of the continent.

“When the South African government learned that the convention was to be held in Johannesburg this year, the officials asked me to specifically tell the participants that the government is doing its best to resolve the security issues in the country,” Shih said.