President Cyril Ramaphosa has sought to assure United States businesses that South Africa is open for business and urged them to invest in the country.
Ramaphosa was addressing the South Africa/USA Interactive Business Forum held at the New York Stock Exchange (NYSE) in the USA, as part of the drive to attract foreign direct investment for South Africa.
He also had the opportunity to ring the closing bell of NYSE, which is the largest stock exchange in the world by market capitalisation.
The president is leading the SA delegation to the 79th session of the United Nations General Assembly in New York, USA.
Ramaphosa told the forum that the Government of National Unity (GNU) is prioritizing inclusive growth and job creation, reducing poverty, tackling the high cost of living, and building a capable, ethical, and developmental state.
“The advent of GNU has renewed investor optimism in the South African economy.
The message I bring to US investors today is that this optimism is well-placed.
South Africa is firmly on the road to recovery, and we invite you to be part of this journey.
Investments in South Africa are secure, and our business environment is stable.
This is supported by policy certainty and regulatory safeguards,” said Ramaphosa.
The president added that efforts to promote South Africa as a favourable investment destination continue to yield positive benefits.
These he said are in several key economic sectors such as mining, manufacturing, ICTs, agriculture, automotive, infrastructure development and the digital economy.
He reminded the forum that South Africa’s rich minerals have positioned it to be at the forefront of the green energy revolution.
“As the country with the world’s largest platinum group metal reserves, we have a competitive advantage when it comes to the production of sustainable energy technologies, including electric vehicles, new energy vehicles and renewable energy components.
We have developed a Just Energy Transition Investment Plan that outlines the scope and scale of financing needed to meet our decarbonization objectives, as well as the investment opportunities on offer.
I want to call on US business to partner with us in this regard,” explained Ramaphosa.
According to Ramaphosa, the Infrastructure Fund, with a $6.5 billion allocation over 10 years, has a pipeline of projects in water, sanitation, energy, transport, digital infrastructure, agriculture, agro-processing, and housing.
He acknowledged the NYSE for the commitment it has shown to expanding bilateral relations.
“The Memorandum of Understanding signed between the NYSE and the Johannesburg Stock Exchange in 2022 was an important milestone with respect to developing new products, knowledge sharing around Environmental, Social and Governance, Exchange Traded Funds and digital assets.
The NYSE’s significant market capitalization and robust trading activity underscores its pivotal role in global finance.
Through strategic partnerships and dual listings, the JSE enables South African firms to tap into the extensive capital and investor base of the NYSE,” added Ramaphosa.
The US is one of South Africa’s most valued trading, investment, and development partners.
Several US companies operate in South Africa, including Procter and Gamble, Ford Motor Company, GE Healthcare, Amazon, John Deere, General Motors and Walmart.
Last year, the US was the second largest destination for South Africa’s exports with bilateral trade totalling $17.6 billion.
Ramaphosa’s address comes as the US is yet to extend Pretoria’s participation in the African Growth and Opportunity Act (AGOA) trade deal.
Meanwhile, Ramaphosa also met South African-born American entrepreneur Elon Musk, who’s the founder of Tesla and SpaceX.
According to the presidency, the discussion explored opportunities for Musk to invest in South Africa.
