South Africa Clinches Major Global Investment Award – Destination of the Year

South Africa was named the winner of the annual Outsourcing Destination of the Year title at the annual Global Sourcing Association (GSA) awards ceremony in the UK last night.

South Africa’s Trade and Industry Minister Rob Davies hailed the win of the prestigious Global Sourcing Association (GSA) award, saying: “This award cements South Africa’s investment position and further presents a value proposition which is underpinned by high quality standards, relevant skills, the potential to deliver complex and non- complex processes and cost savings which enhances our proposition for Business Process Services globally.”

The GSA also serves to share best practice, trends and connections across the globe and to bring the global community together in a wholly interactive manner for the first time.

The ceremony brought together more than 350 members of the leading outsourcing service providers, advisors and buyers.

Minister Davies said South Africa offers value beyond a cost arbitrage with investors reporting positive operational effectiveness and revenue impacts.

Since 2012, the South African offshore Business Process Services (BPS) market has experienced compounded average growth of 25% year-on-year and now boasts around 30,000 offshore jobs, with the United Kingdom being the leading buyer of South African BPS services followed by Australia and the USA which is rapidly growing.

The BPS sector is one of the dti’s priority sectors attracting investments from English speaking markets in particular the United Kingdom, Australia and recently from the United States.

Since 2014, the sector has been growing approximately 26% year-on-year. South Africa has demonstrated service capabilities across various verticals like telecommunications, utilities, IT, retail and financial services.

Minister Davies indicates that the Department of Trade and Industry’s strategy for BPS is focused on attracting foreign direct investment which creates job opportunities primarily for youth.

“To date, the department has supported the creation of 30,000 jobs, servicing the offshore market of which approximately 86% have benefited our youth.

“The dti’s divisions have also been working in close partnership with the industry body, Business Process Enabling South Africa and stakeholders in creating an attractive value proposition for South Africa as a preferred Business Process Services destination,” said the Minister.

Source: SAnews.gov.za