Investment conference in Madibeng Municipality aims to boost local economy

In a bid to enhance its economic landscape, the North West’s Madibeng Municipality, which encompasses the scenic town of Brits and the picturesque Hartebeestpoort Dam, has launched an initiative to attract foreign investment. This effort comes as part of an investment conference held this Tuesday, which served as a networking platform for local entrepreneurs, diplomats, and international investors, primarily from Russia and Taiwan.The Madibeng Municipality, situated in the Bojanala District—a region renowned for its rich mining resources and lush agricultural land—has firmly established its economic foundation on tourism, agriculture, and mining.

However, the changing dynamics witnessed at the investment conference revealed agriculture as the sector most ripe for expansion, according to many foreign representatives at the event.Representatives from Russia and Taiwan formed the largest delegations at the conference, indicating a substantial interest in bolstering trade relations with the North West province. Maksim Bureev, the Russian Federation’s Trade Representative in South Africa, commended the region’s natural beauty.

“I like the scenery when driving in this region. It’s absolutely beautiful, magnificent. There’s a need for aggressive marketing of this area and the entire North West because what you have here is absolute beauty; we need that effort so the world can know what they’re missing out on,” he stated.Ching-Jung Lo, the Director of the Economic Division in Taiwan’s Liaison Office in South Africa, underscored the potential for trade expansion, noting that the current trade volume of 2.3 billion Rand between Taiwan and South Africa is not reflective of the true capabilities available.

“The people of Taiwan consume a lot of South African products. They enjoy the oranges, grapes, apples, and of course wine, so there’s potential there and that is why we are here to make sure that those channels are opened,” Lo emphasised.Despite the optimism surrounding potential investment, the South African BRICS Youth Association highlighted significant barriers that could hinder the economic aspirations of the nation’s youth. Margret Molefe, the Executive Deputy Chairperson of the association, voiced concerns over bureaucratic hurdles when it comes to establishing new businesses.

“We are not going to access those markets if we still have so much red tape in place. Our government should increasingly work towards eliminating those so that when young people start businesses they know that this is where I take my products and this is the process to follow,” she asserted.

This investment conference marks a pivotal moment for the Madibeng Municipality, and stakeholders remain optimistic that constructive dialogues and targeted marketing efforts can ignite the economic potential nestled within the region. With its breathtaking landscapes and burgeoning agricultural sector, North West could soon be on the global investment map.