DEVELOPMENT: Boost For WCape Economy
Recent Western Cape Business News
The establishment of a World Trade Center in Cape Town will contribute significantly to the economic growth of the Western Cape.
Through its membership of the World Trade Centers Association based in New York, it will provide the local business community with access to a global network of businesses in 334 cities in more than 100 countries with linkage to more than a million business leaders.
Of major benefit to local companies will be access to shared real-time market research between World Trade Centers. This information is usually not older than 24 hours and contains, for example, all the trade agreements between countries worldwide and information about 22 000 trade contracts between countries pertaining to more than 20 000 line-items.
This is part of a comprehensive and centralised range of services provided by such a centre to businesses in the region and that are focused specifically on the promotion of trade.
Services by a World Trade Center also include trade promotions, assistance to clinch trade transactions, import and export management, travel and accommodation services, organising international contact and networking opportunities for business people, as well as office services.
This is according to World Trade Center Africa CEO, Julius Steyn, who spoke at the VIP launch of Cape Town’s World Trade Center at the Crystal Towers Hotel in Century City.
The launch follows a private sector initiative where the top business people from 13 sub-Saharan African countries partnered to establish 15 World Trade Centers across the continent. This process has now been set in motion and contracts have been signed with 13 African participating cities, with Cape Town being the first in Africa to lead the initiative. A World Trade Center is also in the pipeline for Johannesburg.
Steyn said that while the focus is on trade with the rest of the world and especially Africa, the initiative also holds great benefits for the region where the World Trade Centers are established.
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