With the first round of France's most contested and controversial election over, Wesgro is closely monitoring the remaining leg with the aim of growing business ties with France and the European Union (EU).
Widely considered a gateway to the EU, France remains an important connection for the Cape, and Wesgro is taking steps to ensure continued tourism, trade and investment between France and the Cape in anticipation of a new administration.
Europe is ranked as the Western Cape’s strongest contributor to tourist arrivals and France was the province's fifth-largest tourist arrival source market in 2015 with 76 736 French citizens visiting the region.
In 2015 the Western Cape’s dominant export product to France was wine, while nuclear reactors, boilers, machinery and mechanical appliances were the province's most prominent French imports.
A total of 15 foreign direct investment projects were recorded from France into the Western Cape over the period 2003-2015. These projects represented a total capital investment of $716.8 million, which equated to an average investment of $47.8 million per project. During the period, a total of 1 766 jobs were created, according to the Financial Times’ FDI Intelligence database.
Earlier this month Wesgro's Investment Promotion team accompanied the Department of Trade and Industry and its Minister Rob Davies at the South Africa-France Business Forum held in Paris. The team’s priority was to engage agricultural importers and processing investors and were able to secure new leads with a number of French businesses.
Wesgro is also a proud supporter of business club Le Cap40 as well as French South African Tech Labs (FSAT Labs), an incubator and accelerator for French and South African tech start-ups, based in Century City, Cape Town, that next month will launch FSAT Labs Season 1, the incubators first class of entrepreneurs about to innovate South Africa's cities, commerce, homes, education and media.
Wesgro will continue working to ensure a prosperous relationship between the Western Cape and France, and capitalise on possible opportunities the new administration may bring by embarking on at least four missions to France this financial year.
For more tourism, trade and investment information on France, download the Wesgro Research Department’s latest France fact sheet at the top of the page.