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 is inseparable from that of its neighbours.
The President was delivering remarks at the Presidential Business Working Dinner at Investec in Sandton, held just three days before the G20 Leaders’ Summit, the first-ever to take place on African soil.
“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,” the President said at the dinner held on Tuesday night.
WATCH | Presidential dinner
Speaking to an audience of senior executives, industry leaders and government officials, President 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.”
The President 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 more conducive conditions for doing business across African borders.
He acknowledged the significant role the Business B20 (B20) has 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, the President said South Africa is well-positioned to drive investment and trade across Africa. 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 several key developments, including 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 dramatic improvements in electricity supply.
The President added that progress at ports and railways was also beginning to show.
“Despite these positive developments, headwinds remain,” the President cautioned, adding that South Africa must strengthen its capacity to compete and produce in a complex and uncertain global economic environment.
President Ramaphosa commended South African firms for their agility and innovation in navigating challenges over many years, attributes he said should now be leveraged as companies explore new markets across the continent.
Central to unlocking these opportunities, he said, is the implementation of the African Continental Free Trade Area (AfCFTA), which will profoundly 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.
Grounded in the belief that South Africa’s destiny is bound to the continent’s, President Ramaphosa called for a renewed sense of purpose in driving Africa’s economic rise.
“As Africa grows and prospers, so South Africa will grow and prosper,” he said.
READ | South Africa’s economic diplomacy must anchor Africa’s rise
– SAnews.gov.za
