South Africa’s global reputation improves
Notwithstanding depressed business confidence from local investors amid rolling power cuts and constraints at the port, international investors have a more favorable view of Africa's most industrialized economy.
In the past two years, South Africa's brand reputation globally has improved, with particular positive sentiment exressed by investors in the rest of Africa and the Middle Eeast. That's according to the findings of the 2024 South Africa Global Reputation study compiled by international firm Bloom Consulting in partnership with the national marketing agency, Brand South Africa. CNBC Africa is Lefentse Nokaneng, General Manager, Research, Brand SA.
Fri, 26 Apr 2024 15:41:44 GMT
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AI Generated Summary
- South Africa's global reputation has risen from 57% to 68% in the past two years, driven by ongoing reforms and infrastructure development initiatives.
- Divergence in sentiment exists between local investors and the international community, with Africa and the Middle East showing optimism while Europe and the Americas hold a less favorable view of South Africa.
- Brand South Africa aims to translate positive global perception into economic growth by addressing concerns like crime, governance, and policy regulation through collaborative efforts with government and businesses.
South Africa's global reputation has seen a significant improvement over the past two years, with international investors expressing a more favorable view of the country despite challenges faced by local investors. The 2024 South Africa Global Reputation study, a collaboration between Bloom Consulting and Brand South Africa, revealed that the country's brand perception has risen from 57% to 68% among surveyed countries. Lefentse Nokaneng, General Manager for Research at Brand South Africa, highlighted key factors contributing to this positive shift, including ongoing reforms and infrastructure development initiatives.
The study noted a divergence in sentiment between how local investors and the international community perceive South Africa. While Africa and the Middle East show optimism towards the country, Europe and the Americas hold a less favorable view. Nokaneng addressed the impact of South Africa's foreign policy decisions, such as involvement in peacekeeping efforts and legal disputes, on its reputation in different regions. European sentiment was particularly affected by South Africa's stance on the Ukraine-Russia conflict.
Looking ahead, Brand South Africa aims to leverage the positive global perception to drive economic growth through partnerships with government, business, and civil society. Nokaneng emphasized the importance of addressing concerns such as crime, governance, and policy regulation to bridge perception gaps and boost tourism and investment opportunities. Brand South Africa's strategic focus includes influencing the narrative around interventions to combat existing challenges and improve the country's reputation on the international stage.
Despite improvements in governance and policies since 2022, there remains room for enhancement in key areas to strengthen South Africa's brand image. Collaborative efforts between Brand South Africa, businesses, and government are essential to communicate progress and address issues like corruption, governance, and security effectively. By aligning messaging and initiatives, the country aims to build a positive brand reputation that translates into sustainable economic growth and increased global partnerships.
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