By Thabo Mosia
Deputy President Paul Mashatile has reaffirmed South Africa’s commitment to creating a conducive business environment that attracts international investment, spurs economic growth, and creates employment opportunities. In a visit to Ireland, Mashatile emphasized the importance of collaboration between South Africa and Ireland, particularly in key sectors such as energy, technology, manufacturing, and the film industry.
“We understand the significance of collaboration with countries like Ireland, which share our values and aspirations for a better future. As a country, we want to enhance our exports of value-added goods and services to Ireland,” Mashatile said on Friday during his working visit to Ireland. The visit is part of broader efforts to reinforce the historic and warm bilateral relations between South Africa and Ireland.
The South Africa-Ireland Forum: A Platform for Growth
During his address at the South Africa-Ireland Forum, Deputy President Mashatile highlighted the shared aspirations of both nations, particularly in fostering economic growth, promoting entrepreneurship, and driving inclusive prosperity. He acknowledged the challenges posed by the global pandemic but expressed optimism about future trade and investment partnerships.
“Our focus is on understanding the potential for growth in the global economy. It is our responsibility as leaders in our various regions to cultivate an environment that promotes entrepreneurship, stimulates innovation, and propels inclusive prosperity,” he said.
Mashatile also noted that South Africa and Ireland already have a trading relationship in food and beverages, and he is hopeful that this partnership will expand into other sectors. “We must identify measures to expedite international investment. I strongly believe that there is significant potential to increase the volume and value of various products, including those that are manufactured,” he added.
Why Invest in South Africa?
The Deputy President provided a compelling case for investment in South Africa, citing several reasons that make the country an attractive destination for international investors. Since its first democratic elections in 1994, South Africa has enjoyed political stability and peaceful elections, forming a Government of National Unity (GNU) that upholds the principles of democracy and non-racialism.
“South Africa is committed to respect for the Constitution, non-racialism, social justice, human dignity, nation-building, peace and stability, accountability, evidence-based policy, a professional developmental public service, and integrity,” Mashatile told business leaders and potential investors at the forum.
In addition to political stability, South Africa boasts quality infrastructure and logistics, the largest presence of multinational corporations in Africa, and a well-developed and diversified manufacturing base. The country is also home to Africa’s leading financial hub and enjoys favourable access to global markets.
Mashatile emphasized South Africa’s youthful labour force, its abundant natural resources, and its emerging market status as further reasons why international investors should consider the country for their operations. He also highlighted South Africa’s excellence in innovation, citing homegrown inventions such as the Kreepy Krauly automatic pool cleaner, CAT scan, Q20 lubricant, Pratley Putty, and Smartlock Safety Syringe.
Energy Generation and Operation Vulindlela
One of the focal points of Mashatile’s address was South Africa’s economic recovery initiatives, particularly in the energy sector. The government has been working to rapidly expand its energy generation capacity to meet the growing demands of its economy and reduce its reliance on fossil fuels.
Mashatile mentioned that under Operation Vulindlela—a joint initiative between the Presidency and National Treasury to expedite structural reforms—the government has committed to procuring an additional 6800 MW of solar PV and wind power through various bid windows, including Bid Windows 5, 6, and 7. Future bid windows will see the procurement of an additional 3000 MW of gas and 513 MW of battery storage, helping to diversify South Africa’s energy mix.
The removal of the 100 MW licensing threshold for private sector energy generation by the National Energy Regulator of South Africa (NERSA) was another key point Mashatile touched on, describing it as a “game-changer” for the industry. This move allows for greater private sector participation in energy generation and is expected to help address the country’s electricity challenges.
“The Hydrogen Economy has been identified as a potential game changer for South Africa,” he added, signaling the country’s intention to explore new energy solutions that could transform its energy landscape.
Investment Opportunities in Key Sectors
Deputy President Mashatile called on Ireland to explore cooperation in several key sectors, including food tech, global business services, fintech, film production, and infrastructure development. He pointed out that South Africa stands to benefit from Ireland’s expertise in the technology sector, particularly in back-office service operations, which are increasingly being outsourced to countries like South Africa.
“However, foreign companies from Ireland have been slow in relocating operations to South Africa. This engagement presents an opportunity to reverse this trend,” Mashatile said, urging Irish businesses to consider the advantages of South Africa’s competitive market access and skilled labour force.
In the fintech space, Mashatile highlighted the availability of capital in Ireland that could support South Africa’s growing fintech industry, which has already seen significant innovation. “There is a lot of capital available in Ireland that could boost South Africa’s innovative fintech,” he added.
On the cultural front, Mashatile pointed to the potential for greater cooperation in the film industry, noting that both South Africa and Ireland have burgeoning film sectors. He urged Irish filmmakers to explore collaborations with their South African counterparts, which could enhance the creative output of both industries.
Building a Resilient Partnership
The Deputy President stressed the importance of mutual benefit in any partnership between South Africa and Ireland. He urged Ireland to assist South Africa in implementing key projects in the energy, technology, and creative sectors by providing the requisite skills and expertise needed to drive these initiatives forward.
“Our partnership with Ireland should not just be about trade; it should be about building a resilient relationship that is based on trust, shared values, and mutual benefit,” Mashatile said. He expressed confidence that with Ireland’s support, South Africa could successfully navigate its economic challenges and emerge as a stronger and more competitive player on the global stage.
Government’s Economic Recovery Plan
Deputy President Mashatile outlined South Africa’s broader Economic Recovery Plan, which is focused on accelerating growth and job creation through targeted government interventions. This plan includes a range of projects designed to stimulate the economy and address structural challenges, with a particular focus on infrastructure development, energy generation, and investment in key sectors such as agriculture, technology, and manufacturing.
Mashatile also reiterated the government’s commitment to creating a conducive regulatory environment for businesses, reducing red tape, and ensuring that investors have access to the resources and support they need to succeed in South Africa.
“Our goal is to create an environment that not only attracts investment but also allows businesses to thrive and create jobs for our people,” Mashatile said. He added that the government is working closely with the private sector to identify barriers to investment and find solutions that will unlock South Africa’s economic potential.
The Role of Technology in Economic Growth
During his visit, Mashatile emphasized the transformative potential of technology in driving South Africa’s economic growth. He pointed to Ireland’s success in the technology sector as a model for South Africa to emulate, particularly in areas such as fintech, digital services, and innovation.
Mashatile said that South Africa is positioning itself as a technology hub in Africa, with a focus on developing cutting-edge solutions that can address the continent’s unique challenges. He expressed optimism that with the right investments, South Africa could become a leader in sectors such as artificial intelligence, blockchain, and renewable energy technologies.
Strengthening Bilateral Ties
Mashatile’s visit to Ireland comes at a time when South Africa is seeking to strengthen its diplomatic and economic ties with international partners. His meeting with Irish Prime Minister Simon Harris is expected to lay the groundwork for deeper cooperation between the two nations, particularly in areas of mutual interest such as trade, investment, and cultural exchange.
Mashatile’s visit to Ireland is part of a broader international engagement strategy aimed at enhancing South Africa’s profile on the global stage and attracting foreign investment. The Deputy President is also expected to undertake a working visit to the United Kingdom, where he will engage with business leaders and policymakers to discuss investment opportunities and South Africa’s economic recovery efforts.
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