After Britain voted to leave the European Union, Wesgro said the referendum result that shook the world on Friday morning introduced significant uncertainty for those Western Cape businesses that exported to the UK, or service British clients in the tourism sector.
Wesgro, the tourism, trade and investment promotion agency for Cape Town and the Western Cape, pledged to work to mitigate any negative effects on trade and investment relationships between Western Cape businesses and Britain and Europe. The UK is ranked in the top two markets for the Western Cape across trade, investment and tourism.
British voters on Friday opted to walk out on the European Union (EU), dealing a big blow to the EU project and forcing the resignation of Prime Minister David Cameron.
Wesgro’s chief executive, Tim Harris, said the UK was the second most important export market for the Western Cape last year, with exports valued at R9 billion and a positive trade surplus of R877 million. “Overall exports to the European Union were valued at R33 billion in 2015, with the United Kingdom accounting for 36% of these purchases,” Harris said.
Read the full article on Agri Africa.
