Pretoria - President Jacob Zuma has called on the business sector in South Africa and Kenya to increase investments.
Deeper business cooperation would contribute meaningfully to lift people from the clutches of poverty and underdevelopment in both countries.
“We encourage more South African businesses to consider Kenya as an investment destination, and encourage Kenyan businesses to do likewise in South Africa. New sources of economic growth must be enhanced, with emphasis on the agri-business, services, automotives, capital equipment, infrastructure, energy and information technology sectors,” President Zuma said on Tuesday.
He was addressing the Kenya-South Africa Business Forum in Nairobi, Kenya, where he is on a state visit.
At the bilateral level, current trade totals between the two countries stands at R7.9 billion, while more than 60 South African companies operate in Kenya.
For the business to accelerate, the two countries would require a concerted effort towards developing industrial clusters, and an adjustment of policies to ensure global competitiveness, said President Zuma.
“Initiatives to this effect are already underway through a quadrilateral arrangement between South Africa, Kenya, Nigeria and Egypt, to promote industrialisation. This is a very important development for the continent.”
The foundation was also set for economic growth, given the synergy between the national development plans in place.
Kenya has the Kenyan Vision 2030 and South Africa's National Development Plan 2030 - which both aim to transform economies into rapidly industrialised countries offering all their citizens a high quality of life.
“We stand ready to work with the business sectors of the two countries on this march towards economic growth and prosperity.”
The President added that both governments will contribute to promote the ease of doing business between the two countries. - SAnews.gov.za
