By Lerato Mpembe
During his State Visit to China, President Cyril Ramaphosa made a compelling appeal to the business community in Shenzhen, urging them to invest in South Africa’s growing economy. His remarks, delivered at the Shenzhen Business Roundtable on 3 September 2024, highlighted the significant opportunities available in South Africa for deepening global value chains, particularly in the green economy and technology sectors.
A Vision for Mutual Economic Growth
President Ramaphosa emphasized the potential for mutual benefit between South Africa and Chinese companies, particularly those based in Shenzhen, which has rapidly evolved into a leading digital supply chain hub and a center of innovation in China. He acknowledged the impressive transformation of Shenzhen over the past four decades and expressed South Africa’s eagerness to learn from the city’s journey towards becoming a global leader in technology and innovation.
“With the capabilities that your companies have, we encourage you to play a more active role in our economy for mutual benefit,” Ramaphosa stated. He noted that South Africa presents a unique and advantageous location for companies like BYD and CATL to establish a hub, which could serve not only the African market but also other global regions.
Focus on Green Energy and Infrastructure
A central theme of President Ramaphosa’s address was South Africa’s commitment to reducing carbon emissions and promoting the development of the green economy. He highlighted the country’s policies aimed at fostering the electric vehicle industry and the significant investments being made in electricity transmission infrastructure. These efforts are seen as critical to ensuring energy security and supporting the growth of South Africa’s advanced manufacturing sector.
The President also pointed out that South Africa is well-positioned to be a leader in green energy and related industries, thanks to its abundant renewable energy resources and substantial mineral deposits necessary for driving green growth. He encouraged Shenzhen-based companies to explore investment opportunities in South Africa’s energy sector, which is undergoing a major transformation with over 130 confirmed private sector energy projects expected to generate approximately 22,500 MW of electricity.
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