#1BRAND SOUTH AFRICA National Business Initiative - An investor perspective on South Africa Dr Petrus de Kock - General Manager, Research 27 February 2020 South Africa#2Contents The global environment Nation Brand Performance Global Governance Political Governance Competitiveness & Economic Governance South Africa's inbound & outbound investment profile The Brics Brand - from economic concept to institution of global governance The SA Inc project South Africa 2 Inspiring new ways#3E Let's not talk on empty! Let's be informed, and forewarned about winds of change! THE GLOBAL ENVIRONMENT - TURBULENCE AS THE NEW NORMAL South Africa Inspiring new ways#4The global environment World Economic Forum - Global Risks 2020 It is important to note that the general risk landscape is, according to the WEF report: “...shaped in significant measure by an unsettled geopolitical environment - one in which new centres of power and influence are forming as old alliance - structures and global institutions are being tested... Unless stakeholders adapt multilateral mechanisms for this turbulent period, the risks that were once on the horizon will continue to arrive." South Africa Inspiring new ways#5The global environment • The global economy is faced with a 'synchronised slowdown'; • An expectation for cyber- attacks to increase; • Challenges to social cohesion in societies due to increasing inequality, and a worsening of both national and global economic outlook; • A potential decoupling of the USA and Chinese economies; • Environmental degradation & climate change is, for example, listed as one of the top five risks according respondents to the WEF survey. Extreme weather Falure of Food crises Dial infrastruc Information infrastructure, breakdown Natural diseas Human-made environmental disasters Biodiversity loss Global governance failure Water crises Climate action failure Involuntary migration Cyberattacks Social instability Data fraud Adverse technological advances Financial failure Pluks National governance falure Interstate confict State collapse Unemployment Fiscal crises Asset bubbles bar and high of corrections Pgd degree 5 South Africa Inspiring new ways#6The global environment • "Like global growth, FDI remains lower than before the 2008-2009 crisis. It has decreased for the last three years. In 2018, net FDI inflows were down 38% compared to 2017, and less than half of the level they were in 2015. • The snapshots illustrate dwindling world economic output projections, as well as negative trends in FDI inflows to the USA, Euro Area, and China. Foreign Direct Investment Net Inflows US$ billions 800 700 600 500 400 300 200 100 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Euro Area United States China Source: World BankOpen Data, https://data.worldbank.org/indicator/BX.KLT.DINV CD.WD?and-2018&locations-CN-XC-US&start-2009&view=chart, accessed 15 December 2019. IMF World Output Projections Forecast 2020 3.9% 3.9% 3.9% Forecast 2019 3.7% 3.6% 3.6% 3.5% 3.4% 3.5% 3.3% 3.2% Jan Apr Jul Oct Jan Apr انال 2018 2019 3.0% Oct South Africa Source: IMF. 2018 and 2019. World Economic Outlooks and quarterly updates. Inspiring new ways#7RESEARCH IN ACTION NATION BRAND PERFORMANCE South Africa Inspiring new ways#8Nation Brand Performance • Governance plays a critical role in shaping the reputation of the Nation Brand • For this reason the Brand South Africa Nation Brand Performance presentation is anchored by perspectives on governance in 3 realms of activity: Corporate Global Governance Political South Africa Inspiring new ways#9Nation Brand Performance GLOBAL GOVERNANCE South Africa Inspiring new ways#10Nation Brand Performance - Global Governance The Nation Brand's global and domestic reputation is to a large extent shaped by perceptions of efficient internal governance, while the nation brand's contribution to global governance has a direct bearing on international perceptions Global Governance Contribution ☐ Peaceful internally negotiated political settlement ☐ Served 2 terms as non-permanent member of the UN Security Council ☐ Plays an active role in the G20 ☐ Active role in transforming OAU to AU & contribution to Peace & Security on the African continent ☐ Champion of New Partnership for Africa's Development ☐ Included as fifth member of BRICS South Africa Inspiring new ways#11Global governance contribution to humanity The Good Country Index ➤ South Africa ranks 47/163. Significant rankings: ➤3/153 countries in International Peace & Security, 18th for Science & Technology, and ➤ 31st for its contribution to World Order. South Africa in the Good Country Index Version 1.0 Version 1.1. Version 1.2 Version 1.3. (2014) (2016) (2017) (2018) Overall ranking 44/125 51/163 47/163 47/153 Science & Technology 29/125 26/163 25/163 18/153 Culture 60/125 79/163 65/163 57/153 International Peace & Security 15/125 1/163 2/163 3/153 World Order 31/125 33/163 25/163 23/153 Planet & Climate 102/125 143/163 150/163 124/153 Prosperity & Equity 121/125 160/163 114/163 93/153 Health & Wellbeing 56/125 36/163 56/163 85/153 South Africa Inspiring new ways#12Nation Brand Performance POLITICAL GOVERNANCE South Africa Inspiring new ways#13Nation Brand Performance: Political Governance Snapshot of governance performance indicators Governance Indicators WEF - Institutions = 69/140 (2018) 55/141 (2019) WEF Judicial Independence = 48/140 (2018) 33/141 (2019) WEF - Financial System = 18/140 (2018) 19/141 (2019) WEF - Market Capitalisation (%GDP) =2/140 (2018) 2/141 (2019) WEF - Budget Transparency = 27/140 (2018) 1/141 (2019) Open Budget Index = 2/102 (2018) World Press Freedom Index = 39/180 (2016) Climatescope renewable energy country competitiveness index : = 6/71 COMMISSION OF INQUIRY Constitutional democracy + high levels of transparency = INTO STATE CAPTURE South Africa Inspiring new ways#14Snapshot of governance performance indicators Governance Indicators WEF - Efficiency of legal framework in settling disputes= 40/140 (2018) =31/141 (2019) IIAG - Representation of women in the judiciary = 1/54 (2018) IIAG-Protection against ethnic and religious discrimination = 1/54 (2018) IIAG Capacity of election monitoring agencies = 1/54 (2018) - IIAG Online Public Services = 5/54 (2018) IIAG - Civil rights and liberties = 4/54 (2018) 14 14 South Africa Inspiring new ways#15Nation Brand Performance: Political Governance Ibrahim Index of African Governance 2018 • An annual assessment of quality of governance in every African country South Africa ranks 7th out of 54 countries overall Governance Scores in the Top 10 in all four categories Sustainable Economic Opportunity 4th D Safety & Rule of Law Participation & Human Rights Human Development 9th 4th 8th Source: Mo Ibrahim Foundation, 2017 IIAG, Index Report South Africa Inspiring new ways#16Top fifteen nations in IIAG 2018 NAMIBIA COCK Verko Stock RANK/54 2017 SCORE/100.0 CHANGE 2008-2017 MAURITIUS 1st Mauritius 79.5 -0.7 2nd Seychelles 73.2 +4.0 3rd Cabo Verde 71.1 -0.8 4th Namibla 68.6 +3.3 to Stock Seychelles 5th Botswana 68.5 -3.7 6th Ghana 68.1 +0.9 7th South Africa 68.0 -0.6 8th Rwanda 64.3 +5.9 gth Tunisla 63.5 +6.9 Ghana BOTSWANA 10th Senegal 63.3 +5.9 11th Kenya 59.8 +6.1 12th RWANDA São Tomé & Principe 59.2 +2.3 13th Benin 58.7 -0.1 14th Tanzanla 58.5 +1.3 15th Morocco 58.4 +7.3 eco SOUTH AFRICA stock SENEGAL 16 CAPE VERDE ream/time South Africa Inspiring new ways#17Nation Brand Performance COMPETITIVENESS & ECONOMIC GOVERNANCE South Africa Inspiring new ways#18Nation Brand Performance THE CASE FOR INVESTING IN SOUTH AFRICA EXECUTIVE SUMMARY ACCELERATING ECONOMIC GROWTH BY BUILDING PARTNERSHIPS SOUTH AFRICA INVESTMENT CONFERENCE Accelerating Economic Growth by Balding Parerships Santh Al 18 10 REASONS WHY YOU SHOULD INVEST IN SOUTH AFRICA 1. VIBRANT EMERGING MARKET Growing middle class, affluent consumer base, excellent returns on investment. MOST DIVERSIFIED ECONOMY IN AFRICA 2. South Africa (SA) has the most industrialised economy in Africa. It is the region's principal manufacturing hub and a leading services destination. LARGEST PRESENCE OF MULTINATIONALS ON THE 3. 4. 5. 6. 7. 8. 10. AFRICAN CONTINENT SA is the location of choice for multinationals in Africa. Global corporates reap the benefits of doing business in SA, which has a supportive and growing ecosystem as a hub for innovation. technology and fintech. PROGRESSIVE CONSTITUTION & INDEPENDENT JUDICIARY SA has a progressive Constitution and an independent judiciary. The country has a mature and accessible legal system, providing certainty and respect for the rule of law. FAVOURABLE ACCESS TO GLOBAL MARKETS The African Continental Free Trade Area will boost intra-African trade and create a market of around 1.3-billion people with a combined gross domestic product (GDP) of USD2.3-trillion that will unlock industrial development. SA has several trade agreements in place, creating an export platform into global markets. ABUNDANT NATURAL RESOURCES SA is endowed with an abundance of natural resources. It is the leading producer of platinum- group metals (PGMs) globally. Numerous listed mining companies operate in SA, which also has world-renowned underground mining expertise. ADVANCED FINANCIAL SERVICES & BANKING SECTOR SA has a sophisticated banking sector with a major footprint in Africa. It is the continent's financial hub, with the JSE being Africa's largest stock exchange by market capitalisation. WORLD-CLASS INFRASTRUCTURE & LOGISTICS A massive governmental investment programme in infrastructure development has been under way for several years. SA has the largest air- and sea-ports, as well as logistics networks in Africa, and is ranked number one in Africa in the World Bank's Logistics Performance Index YOUNG, EAGER LABOUR FORCE SA has a number of world-class universities and colleges producing a skilled, talented and capable workforce. The country boasts a diversified skills set, emerging talent, a large pool of prospective workers and government support for training and skills development. EXCELLENT QUALITY OF LIFE SA offers a favourable cost of living, with a diversified cultural, cuisine and sports offering. generally superb weather all year round and a world-renowned hospitality sector. [1 South Africa Inspiring new ways#19WEF Global Competitiveness Report 2018 - 2019 WEF Global Competitiveness Index 2018 and 2019 Based on the new WEF GCI Pillar South Africa Rank(/140) 2018 Rank(/141) 2019 Over-all rank 67 60 Institutions 69 55 Infrastructure 64 69 ICT Adoption 85 89 Macro-economic stability 57 59 Health 125 118 Skills 84 90 Product market 74 69 Labour market 55 63 Finance system 18 19 Market size 35 35 Business dynamism 56 60 Innovation capability 46 46 methodology it is clear that South Africa still ranks extremely well in terms of: Market size, Finance System, and Innovation Capability. In the African context Mauritius is first at 49/164, and South Africa second at 67th, Morocco, third at - 75th, Tunisia fourth at 87th, and Botswana at 90 th making it the fifth most competitive African nation. Improvement Decline No change - 19 South Africa Inspiring new ways#20President Ramaphosa has made the goal of enhancing ease of doing business a major priority World Bank Ease of Doing Business 2019/20 South Africa Performance Over-all ranking Starting a business Registering Property DBI DBI 2018 DBI DBI 2016 2017 2019 72/189 74/190 82/190 84/190 131 136 139 125 105 107 108 100 139 147 145 137 Trading across borders 94 98 98 Dealing with construction permits 99 62 68 80 60 Getting credit 113 115 102 110 Enforcing contracts 111 112 114 108 Getting electricity 51 46 54 49 Paying taxes 22 24 13 Protecting minority investors 18 ca Resolving insolvency 51 50 55 68#21Nation Brand Performance SOUTH AFRICA'S INBOUND & OUTBOUND INVESTMENT PROFILE South Africa Inspiring new ways#22SA Investment Profile Infrastructure (1) South Africa has world-class infrastructure, including an excellent transport network, low-cost energy and sophisticated telecommunications facilities SAUTRAIN Road and Rail Transport A massive motorway improvement scheme has seen extra lanes added, a sophisticated electronic toll system introduced and interchanges drastically renovated The Gautrain rapid rail system links the OR Tambo International Airport with stations in Johannesburg and Pretoria Infrastructure Indicators WEF - Quality of roads = 47/141 (2019) WEF Railroad density = 47/141 (2019) - WEF - Efficiency of train services = 68/141 (2019) South Africa Inspiring new ways#23SA Investment Profile Infrastructure (2) Infrastructure Indicators Ports ◉ Most advanced port infrastructure on the African continent Saldanha Bay in the Western Cape is the largest natural anchorage with the deepest water, 60 nautical miles northwest of Cape Town The Durban port in KZN handles the greatest volume of sea- going traffic of all SA ports The Richards Bay Port in KZN can handle a total of 1782 ships with a gross tonnage of 65 994 515 in a year The Port Elizabeth Port in the Eastern Cape handled a total of 976 ships during the 2015 calendar year The Cape Town Port in the Western Cape competes with Alexandria for recognition as the most famous port in Africa WEF - Efficiency of seaport services = 50/141 (2019) IMD - Reliable infrastructure = key attractiveness factor of the economy South Africa Inspiring new ways#24SA Investment Profile Infrastructure (3) SOUTH Air Transport ☐ OR Tambo International caters for 19 million passengers annually Airports Company of South Africa (ACSA) operates 9 airports, which handle more than 200 000 aircraft landings The numbers all add up to ACSA being Africa's premier airports authority 737 28-5.30 SOUTH flysal Infrastructure Indicators WEF - Airport connectivity = 39/141 (2019) WEF - Efficiency of air transport services = 27/141 (2019) IIAG - Air transport = scores 97/100 (2016) South Africa Inspiring new ways#25SA Investment Profile World Bank Logistics Performance Index 2018 The LPI is an interactive benchmarking tool created to help countries identify the challenges and opportunities they face in their performance on trade logistics and what they can do to improve their performance South Africa ranks 33rd out of 160 countries overall LOGISTICS PERFORMANCE INDEX 2014-18 Overall Customs Infrastructure Rank International Logistics Quality Shipment Tracking & Timeline & Competence Tracing 2014 34 42 38 25 24 41 33 2016 20 18 21 23 22 17 24 2018 33 34 36 22 39 35 34 - WEF Border Clearance Efficiency = South Africa Inspiring new ways#26SA Investment Profile EY - Africa Attractiveness Survey (2019) Inbound: 1. Egypt is the destination top FDI due to capital intensity of projects entering the market. 2. South Africa attracts the largest number of FDI projects, however, with less invested than in Egypt. capital 3. Morocco maintains a very strong position as third largest recipient of FDI on the continent. North Egypt Morocco Inbound: The figure below shows that the North African sub-region dominated FDI attraction in the past year, while South Africa dominates FDI in the Southern attractiveness African sub-region: Algeria Tunisia Regional FDI based on 3 criteria (projects, jobs and capital) Southern East Ethiopia Tanzania Kenya Uganda South Anca West Zambia Mozambique Rwanda Ghana Cote d'Ivoire Zimbabwe Namibia Nigeria Senegal Cameroon Based on average weighted score of three FDII criteria - jobs, capital and projects Source: EY Africa Attractiveness Survey 2015 & 2016 South Africa Inspiring new ways#27EY-FDI Source Markets FDI 2014-2018 by source: 10 largest investors Country Projects Jobs created Capital US$m USA 463 62 004 30 855 France 329 57 970 34 172 UK 286 40 949 17 768 China 259 137 028 72 235 South Africa 199 21 486 10 185 UAE 189 39 479 25 278 Germany 180 31 562 6887 + Switzerland 143 13 363 6432 India 134 30 334 5403 Spain 119 13 837 4389 For a relatively small economy it is significant that South Africa ranks 5th as source of FDI in the African economy Illustrates the deep strategic importance of the ACFTA in coming decades The USA and France continue to be the largest source markets of FDI into the pan-African economy. Indicative of historical relationships, EY indicates that French FDI continued to flow predominantly towards French-speaking African nations, while investment from the USA tended to be directed at South Africa and English speaking African nations. South Africa Inspiring new ways#28EY-Ranking of African markets in relation to FDI inflows Egypt South Africa Morocco Nigeria FDI by weighted criteria: 2018 15 largest FDI recipients 30.0 27.3 23.7 44.8 41.7 Kenya Ethiopia 17.1 Ghana 12.4 Algeria 12.4 Cote d'Ivoire 11.6 Zimbabwe 10.0 Southern Tunisia 9.7 North Uganda 7.7 West Tanzania 7.6 East Mozambique 6.1 FSSA Zambia 6.0 • Egypt is the top FDI destination due to capital intensity of projects entering the market. South Africa attracts the largest number of FDI projects, however, with less. capital invested than in Egypt. • Morocco maintains a very strong position as third largest recipient of FDI on the continent. South Africa Inspiring new ways#29Brand Reputation THE BRICS BRAND - FROM ECONOMIC CONCEPT TO INSTITUTION OF GLOBAL GOVERNANCE South Africa Inspiring new ways#30BRICS Brand Research Report Executive Summary & Key take outs Contents Introduction Converging diversities - a short history of the BRICS From economic concept to institution of global governance BRICS Agreements, Commitments & Compliance Themes emerging from Summit declarations Conclusions: soft power & the BRICS brand South Africa Inspiring new ways#31BRICS Brand Research Report • South Africa's hosting of the tenth BRICS Summit in 2018 is a significant moment to reflect on the evolution of the BRICS in the past decade. • This report captures findings related to three aspects, being: foutherfor iwas CURTIF HUO Firstly, the emergence of the BRICS as an institution in the global governance arena ww OUNTO 31 0 JUNETI Secondly, how the institutionalisation of the BRICS contributes to the development of the BRICS brand ww H Ivano NYHE HMON Thirdly, how this BRICS brand presents a unique case of compound soft power, or, as alternatively referred to as the multilateralization of soft power South Africa Inspiring new ways#32The Brics brand - from economic concept to institution of global governance Cedric de Coning argues that, "No analyst foresaw, nor did the BRICS themselves, that in less than a decade, these actions would bring them to a point where the BRICS has become an important force in defence of global governance, economic globalisation, free trade, and collective climate action." • Formalisation of intra- and inter-BRICS interactions, establishment of institutions such as the BRICS New Development Bank, increased interaction on platforms such as the Business Council, and Think Tank structures, also lead to the development of the BRICS brand, or collective image, of the member states. • Underlying objective: communicate global governance contribution of BRICS, and elevate message of South-South cooperation and solidarity between developing nations. Enhanced reputation at level of global governance and advocacy for transformation of post WWII global governance institutions. South Africa Inspiring new ways#33Empty#34The Brics brand - from economic concept to institution of global governance Based on assessments of the BRICS, Chatin & Gallarotti (2016), for example, argue, "The bloc has also transformed into a diplomatic forum representing increasing power, value and capacity of action for the member states, this attributing to them a distinctive standing and an image associated with a ‘special mark'. Along the same lines, Montbrial stresses that the BRICS have become a ‘real brand,' to which the states composing the group dedicate great attention." South Africa Inspiring new ways#35Brand SA fieldwork & reputation research. Brand SA designed, and executed in markets RESEARCH IN ACTION THE SA INC PROJECT South Africa Inspiring new ways#36The SA Inc. Project: Fieldwork Cycle 1 - 2014/15: Kenya, Nigeria, Ghana Cycle 2 - 2015/16: Russia, Angola, DRC, Senegal Cycle 3 - 2016/17: Ivory Coast, Senegal, Algeria, Mozambique Cycle 4 - 2017/18: 30 years of Dakar 1987, South Korea, Singapore, Rapid Lion Film Awards, CNBC Cycle 5 - 2018/19: Consultation with EU business in SA; BRICS Summit & Development of the BRICS Brand research; Rapid Lion Film Awards; Project review Cycle 6 - 2019/20: Intensified environment analysis; Consultation with Asian stakeholders in SA; BRICS; Ghana focus on ACFTA & implications for the Pan-African brand South Africa Inspiring new ways#37● Major lessons from the SA Inc project Interactions with products, services, and South African companies active in the markets have specific Country of Origin effects on the Nation Brand profile and reputation; South Africa's diversified economy, infrastructure are key attractiveness features; South Africans are seen as open, and the culture perceived as liberal. South Africa's robust and free media seen as a reputation enhancer; The transparency and democratic principles upon which the society is based seen as progressive and appealing; Major lessons forthcoming from the project pertains to market entry strategy in peer African markets; Linked to the above, South Africans, and South African companies are sometimes criticised as not being open to local partnerships and listening to advice; South Africans need to develop cultural competence, and need to have a deeper understanding of the nuances of doing business in peer African markets; South Africa Inspiring new ways#38● Major lessons from the SA Inc project Avoid parachute/guerrilla business tactics - take time to get to know the market, and listen to local advice; South African products, services and companies seen as highly competent and able to deliver high quality goods & services; South Africa and South Africans can learn more from peer African markets in terms of developing partnerships and relationships of trust; Need to understand the potential implications and opportunities opening through the Continental Free Trade Area Agreement; Visa regulations and procedures often cited as cause for concern in bi- lateral relations; Xenophobia, while less incidents have taken place in recent years, South Africa continues to be associated with such behaviours; In some markets, e.g. Nigeria, Angola, Senegal, Mozambique there is a sense that South Africa can do more to acknowledge the role the continent played in the struggle for liberation; Lengthy decision-making processes in South African corporates, and SOES often cited as reason why business deals go southwards. South Africa Inspiring new ways#39Reputation Research Profile South Africa Pavilion @ ITU, South Korea, September 2017 АЗЯ Brand South Africa Research Report Brand South Africa Research Report October 2017 Can the Nation Brand bridge the familiarity gap in Asia? By: Dr. Petrus de Kock General Manager, Research, Brand South Africa South Africa Inspiring new ways#40SA Inc. Research - Singapore 1. Global South African's in the Singaporean market acknowledge the importance of collaborating with Brand South Africa and the High Commission in terms of marketing and positioning the Nation Brand. Key findings in Singapore Global South Africans & Singapore Business Dinner 22 November 2011 Carlton Hotel Singapore 2. Global South African's in the market understand how critical their role is in promoting the country and thus despite the issues faced back home, they speak positively about the country. 3.The positive uptake of research and analysis conducted by Brand South Africa and the need to be regularly informed about new research papers for the High Commission, Global South African's and Singaporeans alike. 4. As anchor market in Asia, more work needs to be done to enhance familiarity with South Africa among key audiences in Singapore South Africa Inspiring new ways#41Brand SA Fieldwork Research SA Inc. Project: Angola, DRC, and Senegal Findings 2015 Need ܀ for increased cultural contact and building of mutual understanding due to complex historical relationship; ✰ Building local knowledge, and need for cultural competence a major lesson from the Angola & other fieldwork; Understand political & administrative context and "do homework"! Invest adequate resources (time & money) in preparing to enter market Brand South Africa Angola Fieldwork Report-17 November 2015 The growing Luanda skyline Brand South Africa SA inc Project Fieldwork Report Angola & the need for Cultural Competence By: Dr Petrus de Kock & Or Judy Smith-Hähn Research, Brand South Africa Sath He inspiring new ways#42Brand SA Fieldwork Research SA Inc. Project: DRC Key Findings "The Congo is a big country with a relatively small budget and many priorities" Great expectations, ample opportunities and overwhelming priorities SA to utilise well-established footprint in DRC to promote SA investments Source: http://www.iol.co.za/dailynews/opinion/sas-role-in- african-peace-1756310 SA's Lieutenant General Derrick Mbuyiselo Mgwebi, Force Commander of the UN Organization Stabilization Mission in the DRC (MONUSCO) South Africa Inspiring new ways#43Brand SA Fieldwork Research SA Inc. Project: Ghana Key Findings SA's reputational strengths: SA's corporate governance, managerial, technical, & other expertise Strong people-to-people relations & potential for expansion in creative spheres, e.g. design, music, visual arts ARTISTS ALLIANCE GALLERY FOMANYE HOUSE ALLIANCE South Africa Inspiring new ways#44Brand SA Fieldwork Research SA Inc. Project: Kenya Key Findings SA's reputational strengths: SA democratic institutions transition, Major interest in SA music & culture HUGH MASEKELA presents The 081 years 1965-1975 Care and unreleased) Photos: www.southafrica.info strong South Africa Inspiring new ways#45Brand South Africa Research Note 2 - 12 December 2014 Brand South Africa Research Note 23 August 2014 Brand South Africa Research Note South Africa In(c) Series African market entry strategy - learning to listen and listening to learn Brand South Africa Research Note A lesson for Brand SA from Nigeria Be bold, keep it real, and make it quick- a conversation on the art of Nollywood success By: Dr. Petrus de Kock General Manager, Research, Brand South Africa South Africa By: Dr. Petrus de Kock General Manager, Research, Brand South Africa South Africa Impering w#46Prepared by Brand SA Research Contact: Dr Petrus de Kock, GM - Research [email protected] 46 46 Readers are welcome to use the data contained in this report for their own purposes provided they acknowledge the source as: Brand South Africa, Research & Nation Brand Performance Presentation. South Africa Inspiring new ways