President Cyril Ramaphosa has reaffirmed South Africa’s commitment to strengthening bilateral trade and investment ties with Austria, highlighting a range of mutually beneficial opportunities across key economic sectors.
Speaking at the South Africa-Austria Business Forum in Pretoria on Friday, Ramaphosa underscored the importance of deepening economic collaboration between the two countries.
“It is my pleasure to address the South Africa-Austria Business Forum at this important time, as we seek to further deepen economic ties between our countries. Austria and South Africa enjoy strong bilateral trade and investment relations spanning energy, industrial technology, pharmaceuticals and vocational training,” he said.
He noted that trade between the two countries had been increasing steadily, with several Austrian companies operating in South Africa through direct investments, distribution, sales offices and service projects.
“There are many more opportunities for investment by Austrian companies in South Africa. There are opportunities in areas such as renewable energy generation, agro-processing and component manufacturing,” Ramaphosa added.
“There are also opportunities in critical minerals beneficiation, pharmaceuticals, technology and innovation, among others.”
South Africa was showing signs of recovery following recent economic challenges, he said. The improvement in electricity supply and a moderation in inflation were among the encouraging signs.
“We have embarked on a massive infrastructure drive, with key investments concentrated in energy, transport and logistics, water and sanitation, and digital infrastructure.”
He detailed the role of the country’s Infrastructure Fund, which has mobilised blended financing to support major projects across several sectors. At the same time, structural reforms are being implemented to enhance the efficiency and competitiveness of the energy and logistics sectors.
As the global economy transitions towards greener alternatives, Ramaphosa said South Africa was positioning itself as a front-runner in the green and digital economy.
“South Africa has developed a regulatory framework to harness the potential of the hydrogen economy. We are actively developing an industrial plan to support the growth of electric vehicle and battery production.”
This industrial strategy includes incentives for manufacturers, investment in charging infrastructure and localisation of components. It is supported by an enabling policy environment, including the expansion of special economic zones and active participation in the African Continental Free Trade Area (AfCFTA).
“Our special economic zones offer an internationally competitive value proposition with an attractive suite of incentives,” he said.
It’s envisaged that AfCFTA will remove trade barriers and unlock greater investment opportunities, particularly for Austrian businesses looking to enter new markets across the continent.
“It will drive a wave of industrialisation and create dynamic regional value chains. This presents opportunities for Austrian businesses and investors.”
Highlighting South Africa’s role as an anchor in regional value chains, he said the country’s manufacturing sector sourced inputs from across the continent, which are then exported as finished goods.
South Africa also offers rich reserves of critical minerals for the energy transition, especially platinum group metals, giving it a competitive edge in producing sustainable energy technologies.
Ramaphosa said South African businesses were keen to explore Austrian opportunities, particularly in organic food markets, renewable energy and supply chains across mining, automotive and other sectors.
“There is high demand for our agricultural products in the EU, including high-quality South African wines and speciality foods like rooibos.”
He also expressed the country’s desire to see more Austrian tourists visiting and vice versa, with a particular interest in eco, sports, and heritage tourism.
He welcomed the signing of a Memorandum of Understanding earlier in the day on technical and vocational training.
“We want to learn from Austria how to achieve the delicate balance between building the workforce of the future and growing the skills needed by the economy today.”
He reaffirmed the government’s continued commitment to private sector collaboration as a catalyst for economic growth and job creation.
“By working together with all social partners, we have embarked on a new era of growth, progress and inclusive, shared prosperity. I am confident that the engagements, discussions and networking sessions from this forum will yield great benefits for both South African and Austrian companies,” Ramaphosa said. – SAnews.gov.za
