President Cyril Ramaphosa says his working visit to Côte d’Ivoire this week to attend the Africa CEO Forum is an opportunity to deepen investment and trade with the rest of the continent.
The President was addressing the nation through his weekly newsletter on Monday.
The forum – which is expected to host some 3 000 delegates – serves as a platform for multinational CEOs on the continent, investors and government leaders, to gather and conduct high-level meetings on innovation and business ideas.
READ | President Ramaphosa to visit Côte d’Ivoire
“South Africa is greatly encouraged by a new wave of continental business expansion. We are forging ahead to deepen investment and trade with the rest of the continent in a manner that contributes to shared prosperity for all Africa’s people,” he said.
The President said South Africa’s intra-continental trading has a long-standing history, and that the African Continental Free Trade Area would provide a “predictable and conducive environment for business to thrive across borders”.
“Since the advent of democracy in 1994, our government has implemented several initiatives to promote trade and investment elsewhere on the continent, including partnerships and trade agreements.
“We are witnessing the benefits of these efforts. The latest trade statistics, published by the SA Revenue Service, point to increased exports to countries in the region, like Botswana, Eswatini, Lesotho and Namibia, as well as with the rest of Africa.
“We are determined to use the longstanding presence of South African companies on our continent to expand trade and investment with fellow African nations,” he said.
READ | SA powering on with AfCFTA to boost African trade
Taking the lead
President Ramaphosa noted that the current global “upheavals” in the global economy present an opportunity for an Africa-focused trade and investment policy.
Furthermore, he emphasised the country’s commitment to “play a leading role in Africa’s economic integration”.
“South African business must be at the forefront of the transformation of African industry. As government, we are committed to provide the necessary supportive policy and regulatory frameworks.
“By equal measure, we will be making the case for African firms to invest in South Africa. We have a diverse economy with highly developed industrial sectors. We have established industries in mining, agriculture, manufacturing, financial and professional services, IT and others.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
“South Africa is a leader in digital innovation on the continent and one of the leading incubators of tech start-ups. The World Intellectual Property Organisation ranks South Africa second among economies in sub-Saharan Africa in the Global Innovation Index,” he said.
On the business front, President Ramaphosa relayed that South Africa’s structural reform process is aimed at producing an economy that supports business development and attracts investment.
“The structural reform process began under the sixth administration and continued under the Government of National Unity. It aims to position South Africa as a premier trade and investment destination.
“We are working to make our economy more competitive by reducing the cost of doing business, improving our infrastructure and investing in skills development. We are reforming our visa regime to attract skills and promote tourism in South Africa,” the President said.