Conference told of opportunities in SA

There are significant opportunities in non-traditional markets for Irish companies in South Africa, a conference was told yesterday. South Africa is a gateway to the whole southern Africa region, the Minister of State for Labour, Trade and Consumer Affairs, Mr Tom Kitt, told the conference, which was organised by the Ireland-South Africa Trade Association.

The event was attended by more than 90 Irish companies interested in exporting to South Africa or investing there.

Mr Kitt said exports between the two countries had increased by 52 per cent last year and had grown fourfold since 1987.

"Irish business people should not be shy about investigating what the new South Africa has to offer, whether as a market for their goods or as the entrepot for the southern African region."

Mr Rafiq Bagus, chief executive officer of Investment South Africa, the equivalent of the IDA, said Irish companies should be aware of changes taking place in the South African economy, which include a gradual privatisation programme.

He pointed out that companies like South-Western Bell and LeviStrauss had recently made large investments in the country.

Mr John Meagher, the deputy chairman of Independent Newspapers, which has extensive interests in South Africa, told the conference that 24 per cent of the group's profits and 20 per cent of its turnover were now made in South Africa.

He agreed with Mr Kitt that entering the South African market meant an opportunity to move into other markets in the region.