We are deepening our trade and investment ties across Africa

Dear Fellow South African, 

This week I am attending the Africa CEO Forum in the Ivorian capital, Abidjan, where we are showcasing our country’s potential as a premier investment and trade destination. We are also supporting South African firms as they seek new opportunities on the continent. 

This is an annual event that brings together almost 3,000 CEOs, heads of state and investors to explore potential business leads, partnerships and opportunities. 

South Africa’s high-level participation in this Forum underscores our commitment to play a leading role in Africa’s economic integration. 

The Africa CEO Forum takes place at a time of much disruption in the global economy, characterised by geopolitical tension, trade wars and conflicts that are causing instability in key shipping corridors. 

What this means is that South African businesses are actively exploring new market opportunities. 

South African investments in other African countries have a long history. These investments have grown and diversified from mining into sectors such as construction, IT and telecommunications, healthcare, financial services, retail and the green economy. 

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. 

The African Continental Free Trade Area (AfCFTA) is creating a more predictable and conducive environment for business to thrive across borders. Our businesses must seize this opportunity even as the processes of harmonising regulations continues. 

The upheavals in the global economy present an opportunity for strategic, Africa-focused trade and investment policy. 

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. 

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.

The structural reform process began under the sixth administration and continued under the Government of National Unity 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.

We are using our G20 Presidency to amplify the continent’s voice and focus global attention on Africa’s economic potential. We are prioritising inclusive global cooperation, a just and equitable economic recovery and promoting long-term environmental resilience. 

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. 

With best regards,

Cyril Ramaphosa is President of South Africa