As many as seven Southern Africa Development Community Nations (SADCs) are set to benefit from an upcoming annual event that will link South African and Indian businesses and investors.
The 2018 edition of the event, known as the India South Africa Business Summit, seeks to maximize the potential of the economic and commercial partnership between the two countries.
The affair is the first business event in South Africa to cover seven Southern Africa Development Community nations. It will highlight various sectors which have a scope and potential for growth in a bilateral context.
The Southern African Development Community is an inter-governmental organization headquartered in Gaborone, Botswana. Its goal is to further socio-economic cooperation and integration as well as political and security cooperation among 16 southern African states
The organisation’s member States include Angola, Botswana, Democratic Republic of Congo, Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Swaziland, Tanzania, Zambia and Zimbabwe.
Established in 1992, SADC is committed to regional integration and poverty eradication within Southern Africa through economic development and ensuring peace and security.
A large portion of the member countries are located along Africa’s coastline with the potential to further develop their ports.
The event, which will kick off on April 29th, 2018, comes at a time when research group PricewaterhouseCoopers (PwC) has found that a 25% improvement in port performance can increase GDP by as much as 2%
“Globally, ports are gateways for 80% of merchandise trade by volume & 70% by value,” said InvestSA Gauteng, a South African organization for international investors and established local businesses in the Gauteng City region.
The group said in a recent statement that developing port infrastructure & focusing on the ports with the greatest potential is vital in increasing SA’s attractiveness as destinations for global trade.