Ireland, SA seek to expand trade & investment partnerships

South Africa and Ireland have a history of bilateral relations that span over three decades, with trade being a significant aspect of their partnership. In 2022, primary products made up 48 per cent of South Africa's total exports to Ireland, while value-added products accounted for just over a third. To dive deeper into the trade relations between the two nations, Austin Gormley, Ireland's Ambassador to South Africa, shared insights on the current state of affairs. Gormley highlighted that Ireland's economic transformation was greatly influenced by foreign direct investment, a strategy they adopted in the 50s and 60s. He acknowledged that South Africa, 30 years after its independence, is at a similar crossroad and faces challenges in attracting more FDI due to issues such as power security, infrastructure constraints at export terminals, and low business confidence among local companies. Despite these challenges, Irish companies operating in South Africa have shown confidence in the country, with investments ranging from food and food ingredients to renewable energy, high-tech construction, and fintech. Gormley mentioned that Irish companies see the potential in South Africa's skilled workforce and are keen to tap into this talent pool for future growth. Discussing key export and import sectors between the two countries, Gormley emphasized that there is room for further investments, especially with South Africa's upcoming elections that could shape the country's economic landscape for years to come. He noted that Ireland's engagement with South Africa goes beyond business interests and extends to shared values on foreign policy issues. The conversation delved into South Africa's foreign policy stance and its economic implications, with Gormley asserting Ireland's support for sovereign states to determine their foreign policies independently. He underscored the importance of predictability in business environments and highlighted Ireland's successful initiatives in the tech sector to promote skills development and innovation. In closing, Gormley expressed a desire to enhance relations between Ireland and South Africa through increased awareness, knowledge sharing, and cultural exchanges. He mentioned the potential for more South African companies to consider Ireland as a gateway to the European Union and emphasized the value of cultural diplomacy in strengthening ties between the two nations. Overall, the interview with Austin Gormley shed light on the multifaceted partnership between Ireland and South Africa, highlighting opportunities for further collaboration in trade, investment, and cultural exchange.