The Randburg Chamber of Commerce and Industry (RCCI) was pleased to attend the insightful United Arab Emirates (UAE) – South Africa business forum enterprise growth networking event organised by the embassy of the UAE on Monday in Sandton.
The event was hosted with top South African companies in an effort to advance business to business engagements as well as promotion of UAE as a prime investment destination.
The economic advisor of UAE to South Africa at the embassy Dr Jacob Ssali outlined opportunities within the Small and Medium Business sector and how the UAE government is investing in the industry to build capacity and work on a long term plan to expand the number of SMEs operating in the country to 1 million by 2030. “Globally, small businesses represent approximately 90% of all businesses and account for around 70% of employment. In Africa they contribute nearly 60% of GDP and employ over 80% of the workforce. Supporting SMEs therefore, is not merely an economic goal, but an investment in resilience, inclusion and opportunity” said Ssali.
According to the UAE embassy’s trade report, in 2024 South Africa’s exports to the UAE were valued at 2.67 billion dollars, this represents an increase of 6,03% year on year from the 2.52 billion dollars recorded in 2023. In turn, the country’s imports from the UAE totalled 2.96 billion dollars in 2024 amounting to a 25,59% year on year decline from a cost of 3.98 billion incurred in 2023. Trade between the two countries has grown at an annualised rate of 15,1% over the past five years.
South Africa is the UAE’ second largest trade partner in the African continent after Egypt. As such Dr Ssali indicated the need as a country to advance SME’s of South Africa to explore the UAE market as the industry is the backbone of the two country’s economies and the lifeblood of innovation and job creation. He indicated that the country (UAE) is in constant need of skilled workers, manufacturing bases, natural resources and agricultural products, these are markets the South African businesses can explore and build into those.