Four Flemish companies investing 75 million euro in South Africa

Several Flanders-based companies, including well-known biscuit producer Lotus Bakeries, have announced investments in South Africa for a total of over 75 million euro. Some of these investments were made since 2019, others are yet to be completed. The news was announced today by the Flanders Investment and Trade (FIT) office in Johannesburg, claiming the investments are good for up to 1.000 jobs created (or maintained) in South Africa since 2019.

The investments were announced on the occasion of Flemish minister-president Jan Jambon's working visit to South Africa, which took place last week from 4 to 8 April to "initiate a new partnership with South Africa, focusing on economic, political, and diplomatic relations". The visit, as well as the announced investments by Flanders-based companies Soudal, OMCO Mould, SAFT and Lotus Bakeries, demonstrates the "renewed economic partnership" between Flanders and South Africa, says a press release issued by FIT.

"Our commercial partnership with South Africa will grow over the years and create mutual beneficial increased trade and investment opportunities"

The hope appears to be that these investments will, in the long run, lead to return investments: "Our commercial partnership with South Africa will grow over the years and create mutual beneficial increased trade and investment opportunities", the Flemish PM said, making mention of an "increased interest of South African companies in our region". Belgium already is, according to FIT, "one of the top European export destinations for South Africa".

The announced Flemish investments in South Africa amount up to a total of 1,2 billion South African Rand (ZAR), the equivalent of just under 76 million euro. Soudal, producer of sealants and adhesives, officially opened its new bigger warehouse in Johannesburg which has been operational since 2019. OMCO Mould, which produces glass molds for the glass industry, announced a "full modernization program" which started in 2021 and should be completed in 2027. Southern African Fruit Terminals (SAFT) in Cape Town, part of the SEA-invest group, completed its third cold store facility, an investment of around 25 million euro. Lotus Bakeries, well-known mainly for its 'speculoos' or 'Biscoff' biscuits, expanded its South African presence with new plant, built in 2019, and a second factory completed in 2021.

(BRV)

Photo shows a visit to the Lotus Bakeries firm in Cape Town (Kaapstad), during a diplomatic mission of the Flemish government to South Africa, Friday 08 April 2022. © BELGA PHOTO NICOLAS MAETERLINCK