President Cyril Ramaphosa has urged South African companies to take a leading role in shaping a new economic trajectory for the African continent, saying the country’s prosperity was inseparable from that of its neighbours.
Ramaphosa was delivering remarks at the Presidential Business Working Dinner at Investec in Sandton, held just three days before the G20 Leaders’ Summit this weekend.
“This is a task that we need to undertake together, as government and business, as social partners, to look at the opportunities beyond our borders and to be part of building a better Africa. Let it be the start of a new chapter in South Africa’s role in the economic development of our continent.”
Speaking to an audience of senior executives, industry leaders and government officials, Ramaphosa said South Africa’s G20 Presidency had been guided by a clear vision that Africa must be central to the forum’s deliberations.
“This is the context in which we sought this engagement, so that we can share experiences and perspectives on advancing this agenda through trade, commerce and investment. On Friday, I will be meeting with the African Heads of State and Government who have been invited to the G20 Leaders’ Summit.
“At this meeting, I hope to showcase the extent and scope of investment by South African companies in other African countries.”
Ramaphosa said the gathering would provide an opportunity to reaffirm the commitment of South African companies to the development of the continent, while encouraging reciprocal efforts to create conditions that were more conducive to doing business across borders.
He acknowledged the significant role the Business B20 had played in connecting businesses with governments during South Africa’s G20 Presidency, noting that many of the executives present had contributed to those deliberations.
As the continent’s most industrialised and diversified economy, South Africa was well-positioned to drive investment and trade across Africa, said the President. He pointed to encouraging signs within the domestic economy, including improved employment figures, another projected primary budget surplus, and progress in reducing sovereign debt.
He also highlighted South Africa’s exit from the Financial Action Task Force (FATF) grey list after two years of reforms, last week’s sovereign credit rating upgrade by S&P, and improvements in electricity supply.
Ramaphosa added that progress at ports and railways was also beginning to show.
“Despite these positive developments, headwinds remain,” he said, adding that the country must strengthen its capacity to compete in a complex global economic environment.
Ramaphosa commended businesses for their innovation in navigating challenges, attributes, he said, that should now be leveraged as companies explored new markets across the continent.
Central to unlocking these opportunities, he said, was the implementation of the African Continental Free Trade Area, which would transform market access through enhanced regional integration and cross-border value chains. The agreement stands to open a market of 1.4 billion people with a combined GDP of US$3.4 trillion.
“As Africa grows and prospers, so South Africa will grow and prosper,” he said. – SAnews.gov.za
