President Cyril Ramaphosa has told American business representatives that Africa is ready for new investment and strong partnerships.
The President was delivering remarks at the US – South Africa Trade and Investment Business Roundtable Dialogue in New York on Monday.
“African growth rates provide a stable growth in aggregate demand over the next decade and more,” he said.
The recently published African Economic Outlook for 2023 noted: “Growth is projected to rebound to 4% in 2023 and consolidate at 4.3% in 2024, underpinning Africa’s continued resilience to shocks.”
The report goes on to say that Africa is endowed with 30% of the world’s mineral resources and 65% of the world’s uncultivated arable land, the world’s most productive forests both in timber and carbon retention resources, and ample solar, wind and hydropower.
“With this kind of potential, savvy investors will be expanding… their base in South Africa and the rest of the continent.
“Our economic reform agenda also includes targeted measures to open the market for more South Africans to participate,” he said.
The President told the business leaders that South Africa has increased its target for its investment drive to R2 trillion over the next five years.
“To appreciate the great opportunities in our economy, I invite you to the next South Africa Investment Conference, to be held in March 2024,” he said.
The investment drive includes an expansion of Special Economic Zones, the most recent of which was built around the Ford Motor Company plant in the capital city, Pretoria. Around 10 large factories now produce components for the scaled-up Ford plant.