Wesgro ‘keeping close eye’ on Brexit developments & impacts
The United Kingdom is the second largest export market for the Western Cape.
CAPE TOWN - Western Cape’s tourism, trade and investment agency Wesgro says it's keeping a close eye on developing events around Brexit and its potential impact.
The United Kingdom (UK) is the second largest export market for the province.
UK Prime Minister Theresa May on Wednesday faces a vote of no confidence after her Brexit deal was rejected by the House of Commons on Tuesday.
Wesgro CEO Tim Harris says the agency plans to hold a summit with local businesses to sketch the likely scenarios and impact Brexit may have for the province.
In 2017, UK exports from the Western Cape exceeded R9 billion.
The UK is also the largest investor in the province in terms of the number of projects.
The country represented the province's largest tourist market in 2017 and during the first quarter of 2018.
Wesgro CEO Tim Harris said: “However the events around Brexit pan out over the coming months, there will be significant implications for Cape Town and the Western Cape.”
He says the agency has already been looking for trade and investment opportunities for the province post Brexit.
“We’ve been working very hard with the DTI, with the UK Department of Trade with whom we've signed a memorandum of understanding to navigate this space post Brexit.”
Economic Opportunities MEC Beverly Schaefer says local businesses should arm themselves with as much information as possible to prepare for the changes, and the uncertainty.
(Edited by Mihlali Ntsabo)