South Africa wins the Offshoring Destination of the Year Award from the Global Sourcing Association in London
The Minister of Trade & Industry, Dr Rob Davies is proud to announce South Africa's success in winning the Global Sourcing Association's Annual Outsourcing Destination of the Year award for 2016 held in the UK. The ceremony brought together more than 350 members of the leading outsourcing service providers, advisors and buyers.
Minister Davies says the award follows a rigorous assessment process and will enable the sector to grow and continues to attract investments.
“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,” says Davies.
“Davies adds that 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 U.K being the leading buyer of South African BPS services followed by Australia and the USA which is rapidly growing,” says Davies.
The Business Process Services (BPS) sector is one of the dti’s priority sectors attracting investments from English speaking markets in particular the UK, Australia and recently from the US. Since 2014, the sector has been growing approximately 26% year on year. South Africa has demonstrated service capabilities across various verticals such as telecommunications, utilities, IT, retail & 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, BPESA & stakeholders in creating an attractive value proposition for South Africa as a preferred Business Process Services destination (BPS) ,” adds Davies.
Minister Davies highlights that the partnership with industry and stakeholders in investment promotion, facilitation & aftercare is yielding results in South Africa becoming a global player in the BPS sector.