President Cyril Ramaphosa is wooing US tech investors to pump money into South Africa, which recently formed a Government of National Unity (GNU).
Ramaphosa is leading a South African delegation to the 79th Session of the United Nations General Debate and High-Level Week in New York, from 21 to 24 September.
On Monday, he met with South African-born tech billionaire Elon Musk, as he courts US businesses to invest in the country.
He also addressed the African Minerals Forum, hosted by the Business Council for International Understanding and Prosper Africa, where he touted the recently formed GNU.
“Four months ago, South Africa held national general elections, which ushered in a Government of National Unity,” said the president.
“Ten political parties have come together to coalesce around a common agenda for economic growth and sustainable development. Through a combination of driving key structural reforms and leveraging the strengths of key economic sectors − such as mining, energy and manufacturing − we aim to improve the business operating environment and attract investment.
“The advent of the Government of National Unity has renewed investor optimism in the South African economy. The message I bring to US investors today is that this optimism is well-placed.
“South Africa is firmly on the road to recovery, and we invite you to be part of this journey. Investments in South Africa are secure. Our business environment is stable. This is supported policy certainty and regulatory safeguards.”
According to Ramaphosa, South Africa is committed to contributing its fair share to reducing greenhouse gas emissions, and adapting to and mitigating the impacts of climate change.
“We are advancing a Just Energy Transition Plan that will guide our shift from coal to renewable energy sources, while ensuring equitable economic opportunities and social inclusion for affected communities.”
Ramaphosa added that South Africa’s and Africa’s critical minerals sector has a crucial role to play in this regard, and underlined the importance of collaboration with other countries to develop the potential of this African sector.
The US, in particular, has established expertise in advanced mining technologies, automation and sustainability practices, he said.
“We want to strengthen our ties with US companies and institutions, to foster technological advancements, enhance supply chain efficiencies and attract investment into our mining sector.”
As the global automotive industry moves towards electric and new energy vehicles, Ramaphosa said SA is leveraging its rich experience with automotive production, to get some of the world’s leading automotive manufacturers with a footprint in SA to produce more of their green vehicles in the country.
“By leveraging our respective strengths, pursuing strategic collaborations and implementing supportive policies, we stand ready to meet the demands of the global market and drive sustainable development.
“I call on US companies and investors to join us on our journey, and I look forward to our engagement today.”
The president further highlighted the US as one of SA’s most valued trade partners, noting that bilateral trade totalled $17.6 billion (R304 billion) in 2022.
He also praised the impact of the African Growth and Opportunity Act in fostering trade and creating jobs in sectors like automotive, agriculture and precious metals.
“Mutually-beneficial trade and investment not only unlocks the dynamism and potential of an entire continent, it will also aid Africa’s efforts to achieve the Sustainable Development Goals.”
In closing, Ramaphosa reassured investors of the stability and security of investments in the country.
“South Africa is open for business. Sustainable and inclusive growth spurs development and creates jobs. Together, we can forge a path to shared success and progress, leveraging our combined strengths to achieve enduring prosperity for our people.”
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