Of course if South African companies
must expand, Asia and the Middle East
are also crucial locations for growth.
to participate in the trade corridors between these regions. It is
not an option, but an imperative, as these corridors will spur
valuable growth going forward, states Essoka. Invicta Holdings
and Mediclinic are examples of South African companies that
have positively positioned themselves in these regions.
Standard Chartered was the industrial firm Invicta’s
exclusive financial advisor in the recent acquisition of Kian Ann
Engineering in Singapore – this acquisition looks set to boost
Invicta’s revenues by an impressive 20%. Standard Chartered
also supported Mediclinic’s completion of their acquisition of
the UAE’s Emirates Health. ‘It is examples like these that support
the transformation of South Africa’s economy – improving the
country’s competitive edge and positioning South Africa as a
global player,’ notes Essoka.
According to Essoka, we are spoilt for statistics when
highlighting the benefits of operating in the Asian and Middle
Eastern trade corridors. ‘Take Africa and China, for example: trade
between these two regions has grown 15-fold in the past decade
to reach $166 billion in 2011, and is expected to increase a further
three-fold over the next 10 years. China’s trade with Africa has
not slowed as much as its trade volumes with other regions – yearon-year China still continues to increase its trading with Africa.’
Essoka believes that a shift in “economic gravity” from West
to East is of great importance to South Africa, and the country
must be well-positioned to take advantage of this emerging
global dynamic. Writes Beth Shirley ■
Ebenezer Essoka has over thirty years of banking
experience behind him