profile
South African companies looking to expand (which Essoka
sees as an imperative for economic growth) should heed the
fact that there is potential in Africa that is not easily replicable
elsewhere. These include: the wealth of natural resources,
dormant economic potential, the entrepreneurial zeal of
the small-medium-sized enterprises, and gaps in infrastructure
development, from real estate, to roads, bridges, airports
and seaports. He is however aware of the problems of publicsector red tape and political instability in Africa, which may
slow down the pace at which potential and development can
be unlocked.
Essoka also notes that the banking industry will ‘naturally
do more’ with key sectors like metals, mining and agriculture.
ASIA AND THE MIDDLE EAST
‘Of course if South African companies must expand, Asia and the
Middle East are also crucial locations for growth,’ says Essoka.
He urges that South African companies use this country’s
membership of the BRICS community as a valuable platform to
identify opportunities in Asia.
‘A critical success factor in expanding or investing in other regions
is to find the financial partner who can assist them in carving a
successful path of expansion, introduce them to a valuable on-theground network and help steer them through the various regulatory
hurdles. Standard Chartered is that ideal partner,’ he asserts.
Asia and the Middle East also host the world’s fastest growing
economies, and ‘South African companies should make every effort
Can you afford not to?
8
BANKER SA
Edition 4