New trade desk in Nelson Mandela Bay aims to strengthen economic ties and attract foreign investment.
The Nelson Mandela Bay Business Chamber (site) has recently inaugurated a new trade desk aimed at bolstering investment and exports within this key metropolitan area in South Africa. In partnership with BDO South Africa, Rand Merchant Bank (RMB), and the Eastern Cape Development Corporation (ECDC), the Desk aims to attract foreign direct investment and create jobs by unlocking the economic potential of Nelson Mandela Bay. This strategic initiative seeks to enhance the region’s economic footprint and attract foreign investors.
Strategic Economic Initiative
The establishment of the trade desk is a significant step towards achieving greater economic growth and development in Nelson Mandela Bay. The trade desk is designed to serve as a focal point for businesses and investors looking to explore opportunities in the region and is expected to significantly enhance the region’s economic activity and international trade.
Underscoring the importance of Nelson Mandela Bay, ECDC chief executive Ayanda Wakaba said, “Nelson Mandela Bay is the largest commercial centre in the Eastern Cape, an anchor for large-scale trade, investment and tourism, and the automotive manufacturers in the Bay are the largest contributor to provincial manufacturing output and trade. It stands to reason that the metro and the Chamber are key partners for the province in economic development.”
Enhancing Investment Opportunities
One of the primary objectives of the trade desk is to streamline investment processes and make it easier for foreign businesses to enter the South African market. The trade desk will provide potential investors with the necessary resources, information, and support to navigate the local business environment. This initiative is poised to attract more foreign direct investment (FDI) to the region, which is crucial for economic development.
“We are committed to creating a conducive environment for investment,” said Nelson Mandela Bay’s Executive Mayor, Gary van Niekerk. “The trade desk will play a pivotal role in showcasing the vast opportunities that our region offers.”
Fostering Export Growth
In addition to attracting investment, the trade desk will also focus on boosting exports from Nelson Mandela Bay. The region is known for its diverse industrial base, including automotive manufacturing, agriculture, and maritime industries. By leveraging the trade desk, local businesses will have better access to international markets, thus enhancing their export potential.
Chamber chief executive Denise van Huyssteen said, “The Trade and Investment Desk is a strategic driver in bringing this vision to life, working as a united business community along with our partners and key role-players in the trade and investment space to market the Bay as an investment destination of choice and secure catalytic projects that will drive growth. The launch of the Desk is a major step forward in resurging the Bay and setting up the local economy for growth and diversification amid massive global advances in technology, new energy and the need for climate resilience. In parallel, as the Chamber is working to improve the enabling environment for business, we must be proactive in building investor confidence in the advantages of the Bay, and providing support to retain and attract investors.”
BDO SA CEO Bonga Mokoena said of the Chamber and their approach, “I believe that as partners, we are aligned in our vision of unlocking economic growth. The Chamber’s Trade and Investment Desk, founded on global investment promotion best practice, will be an important lever in our collective vision and create much-needed opportunities for the people, businesses and communities of Nelson Mandela Bay and South Africa at large.”
RMB corporate and investment banking sector head Pieter Nienaber said the bank supported the Chamber’s vision and its efforts to support business in Nelson Mandela Bay. “We are thrilled to partner with the Chamber to support the Trade and Investment Desk, an initiative that aligns with our focus on innovation and solutions to add value for business and contribute to economic growth in our country.”
Business Chamber president Siyolo Dick hailed the founding partners in the Trade and Investment Desk for their shared vision and confidence in the Bay of Opportunity. “Such collaboration is the only way to transform and resurge Nelson Mandela Bay, and promoting the metro as an investment destination is key to reducing unemployment and transforming the lives of people,” he said.
Strengthening GCC Relations?
The launch of the trade desk could lay the groundwork for fostering economic relations between South Africa and the GCC countries. The GCC region, known for its robust economic growth and investment potential, presents numerous opportunities for South African businesses. The trade desk will act as a bridge, connecting investors and businesses from the GCC with opportunities in Nelson Mandela Bay.
The establishment of the trade desk in Nelson Mandela Bay marks a crucial milestone in the region’s economic development strategy. By enhancing investment and export opportunities, the trade desk is set to drive significant economic growth and strengthen international trade relations, particularly with the GCC region. As Nelson Mandela Bay positions itself as a hub for business and investment, this initiative is expected to yield long-term benefits for the local economy and beyond.
For more news of trade and investment from across the MENA region, visit our dedicated archives.