The Belgian State Visit to South Africa in March 2023 helped identify numerous promising sectors that are well represented in Belgium and Wallonia. Curious about the opportunities offered by the South African market? Here are the main reasons our teams have identified that should convince you to take an interest in Madiba's country. Ready to do business? Ladies and gentlemen, welcome to South Africa!
1. The place to be in Africa
South Africa plays an important role for the entire African continent, both politically and economically: it is the most developed and diversified market on the continent, with sustained economic growth and a significant domestic market. It is the only African member of the G20 and the newest member of the club of major emerging countries (BRICS). South Africa has held the BRICS presidency since January 1, 2023, succeeding China. As the 5th BRICS member, it serves as a gateway and re-export platform to the African continent. A significant number of international companies have chosen South Africa to establish their regional base for Southern Africa.
2. Business-friendly climate
South Africa boasts the largest road and rail network in Africa, along with well-developed port and airport infrastructure. It is the world’s leading producer of gold and platinum, and one of the top producers of diamonds and silver. The banking system is sound. The legal system and business environment are aligned with the standards in Western countries. One of the key priorities for South African leaders is eradicating corruption. All these factors contribute to encouraging economic exchanges between Belgium and South Africa.
Economically, despite certain challenges, South Africa remains an attractive destination for investments, as the most developed and diversified economy in Africa. Several Belgian companies have already made significant investments and forged partnerships with South African businesses.
3. Where Belgians feel at home
South Africa is a popular destination for Belgian investors, companies, and researchers. Belgian interest in South Africa dates back to the 1960s and 70s, when many Belgians from various backgrounds (engineers, agronomists, small and medium-sized enterprises) seized the opportunity to contribute to the country’s economic boom. In the 2000s, a larger migration from Belgium began, attracted by the lifestyle, natural beauty, a language closely related to Dutch, and the opportunities in the country. South Africa has naturally become the African country with the largest Belgian community and where cooperation is very close in various sectors.
4. A key Walloon client
South Africa became Wallonia’s 34th largest client during the first six months of 2022, gaining five places compared to 2021. It is the second largest client on the African continent, behind Egypt (30th) but ahead of Morocco (40th) and Nigeria (49th). South Africa became Wallonia’s top supplier from Africa during the first six months of 2022, ranking 29th, followed by Tunisia (39th) and Morocco (42nd). The first Southern African country after South Africa is Zimbabwe, in 89th place.
5. Sustainable development challenges
At the last international climate conference in Egypt (COP27), South Africa was in the spotlight with its ambitious plan for a sustainable energy transition. Southern Africa faces a huge climate challenge: temperatures in the region will rise by 4 degrees over the coming decades. Belgium and South Africa collaborate closely in the field of energy transition, notably with JOHN COCKERILL through several solar power plant projects (saving 440,000 tons of CO2 per year) or BEKA-SCHREDER with the implementation of a solar streetlight production line in the country.
South Africa plays a key role in building Africa’s capacity to develop and produce vaccines. One year after the creation of the World Health Organization’s (WHO) mRNA vaccine technology transfer center in Cape Town, UNIVERCELLS (Quantoom Biosciences) signed a project with Afrigen on June 21, 2022, to create an mRNA vaccine as part of the WHO-funded Technology Transfer Hub in Cape Town.
6. Shared values
Belgium maintains an open dialogue with South Africa on issues of common interest, such as the protection of fundamental values enshrined in the United Nations charter. South Africa’s history is, of course, marked by the long period of racial segregation, apartheid, which prevailed in the country until 1994. Today, the progressive Constitution guarantees equal rights to all South Africans, and the country is known as the "rainbow nation."