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Dr Liam Fox, Britain’s Secretary for International Trade, last month visited South Africa as part of an on-going effort by the UK Government to strengthen trade ties between the two countries in the run up to Brexit.
While here, Fox toured the Jaguar Land Rover apprentice training facility at Irene, near Pretoria, and announced increases in financial trade support for UK-based businesses trading with South Africa. He also met with the Minister of Trade and Industry, Rob Davies.
Fox said his visit was aimed at helping to further develop the good bilateral trade relationship the UK had with South Africa, promoting mutually beneficial support for British investment.
“Investment ties between the UK and Africa are growing with African investment into the UK increasing by 500% between 2005 and 2014, and British investment more than doubling over the same period, clearly indicating the rich range of opportunities available,” he said in a statement.
During his visit, Dr Fox announced that UK Export Finance (UKEF), the UK’s export credit agency, would double support for trade with South Africa to up to £3,5-billion (about R62,98-billion), meaning an additional £1,75-billion (about R32-billion) would be available for UK companies exporting to South Africa and for South African buyers of UK goods and services.
“As we leave the EU, it is a once in a lifetime opportunity to build a more open and outward looking Britain and forge independent trading arrangements with growing economies around the world,” he said.
“That is why as an international economic department, we are making billions of pounds of additional financial support available to UK exporters and buyers of UK goods and services in South Africa.”