President Cyril Ramaphosa
In his address at the US – South Africa Trade and Investment Business Roundtable Dialogue in New York, President Cyril Ramaphosa emphasized Africa’s readiness for new investment and strong partnerships.
He highlighted South Africa’s advantageous position as the continent’s industrial center with deep capital markets, a sound legal framework, property rights protection, and a dynamic and youthful population.
The President acknowledged the significant presence of US companies, such as Ford, Coca-Cola, Pepsico, Procter & Gamble, Google, Amazon, and Walmart, in South Africa. He viewed these companies as a foundation for increased investment and collaboration.
President Ramaphosa Highlights Africa’s Readiness for Investment and Strong Partnerships
President Ramaphosa expressed his satisfaction with the upcoming business and investment forum hosted by the US Africa Business Council and BUSA, scheduled to be held in South Africa in November 2023.
He believed this platform would provide ample opportunities for governments, private sectors, and civil societies to advance trade and investment relations.
Furthermore, the President stressed the importance of open dialogue and economic engagement between nations for global prosperity.
He highlighted the positive impact of an open, rules-based trading system and cross-border investment in driving economic growth, employment, innovation, and technology advancements.
Regarding South Africa’s trade and investment agenda, President Ramaphosa informed the audience about the imminent launch of trade under the African Continental Free Trade Area.
He anticipated that trade within this free trade pact would commence within the next six months or sooner, benefiting 1.3 billion consumers and countries with valuable minerals and raw materials.
The President also mentioned that South Africa is collaborating with the US Administration to advocate for the extension of AGOA to current beneficiary countries for another 10 years. He recognized the US as a crucial economic partner and emphasized the potential for further expanding economic ties.
President Ramaphosa discussed the country’s economic reform agenda, including the restructuring of the energy market and the expansion of industrial capacity. He emphasized the availability of critical raw materials and highlighted the stable growth in aggregate demand in Africa. The recently published African Economic Outlook projected growth rates of 4% in 2023 and 4.3% in 2024, reaffirming Africa’s resilience to shocks and its abundant natural resources.
The President invited business leaders to the South Africa Investment Conference in March 2024, where the country aims to attract R2 trillion in investments over the next five years. He also mentioned the expansion of Special Economic Zones, citing the Ford Motor Company plant in Pretoria as an example.
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