Published On: Fri, Nov 25th, 2016

Fear factor hampering SA companies expansion

Department of Trade and Industry (DTI) Acting Chief Director, Liso S'teto

Department of Trade and Industry (DTI) Acting Chief Director, Liso S’teto

JOHANNESBURG – EXPERTS have urged South African entrepreneurs to take risks and explore new markets in the continent.

Speaking in Johannesburg, they said fear of taking risks outside the country was affecting the growth of local companies.

Presenting at the, Department of Trade and Industry (DTI) Acting Chief Director, Liso S’teto, urged the entrepreneurs to overcome their fears.

“We (South Africans) need to change our culture…….take up risks in opportunities and venture into new markets. We also need to develop and engage in symbiotic business relationships,” Steto said.

Steto said while black businesses, especially small and medium-sized enterprises (SMEs) were admittedly struggling, they had to be innovative to survive the tough competition.

Professor Douglas Boateng of Pan Avest International and Partners, challenged Africans to change their mindsets when negotiating deals with their international counterparts.

“Africa has plenty resources that the world need but our main challenge, particularly political leaders, whenever we negotiate business deals, we always beg,” he said.

He advocated for the implementation of local policies that he argued were good on paper.

“We need to change our mindset as Africans. Take for example, South Africa has best policies in the world, but implementation is the main challenge,” said Boateng.

He also bemoaned the lack of branding of local products in a way that will make them compete favourable in the markets.

– CAJ News

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