President Cyril Ramaphosa’s message to business in the US is that through SA Africa is open to trade and investment.
Addressing a US trade and investment dialogue on the sidelines of the UN General Assembly in New York on Monday, Ramaphosa argued that economic growth is the lifeblood of SA’s economy, and he was unapologetic about the countries participating in Brics.
“We have about (US) 600 companies invested or based in SA. We are pleased that they are growing in number and that to us it is an important development. We have an economic partnership agreement with the United Kingdom and European Union, for us this is another key enabler because it opens up important trading links.
“You may well know we hosted a very successful Brics summit and we welcomed new members. What is the benefit to SA and to companies that operate in SA is that Brics membership allows a whole lot of benefits to flow. It [will] flow into trade and investments,” Ramaphosa said.
It was Ramaphosa’s first address on SA’s vision for future trade relations with the US after the Brics summit last month, which decided to expand the membership of the grouping of emerging markets. The move will result in the bloc representing almost half of the world’s population, with economies that make up a third of global GDP.
At the meeting in New York, Ramaphosa added that a commitment to economic redress was imperative to any company from any country investing in SA.
“There are quite a number of (US) companies here that have embraced our message of transformation... We need to transform, we need to open up opportunities to all, opportunities that will enable black people to play a meaningful role in the economy,” Ramaphosa said.
He also said SA would appreciate support in the call for structural reform of global political and financial institutions.
“We want a rules-based trading system in the world, we want to promote more multilateralism so that all countries in the world can be treated fairly and attract investment in to their own economies,” he said.
He also addressed SA’s energy crisis, which is a impediment to investment, by acknowledging the stakeholders helping to solve the problem.
“The private sector is really a true partner in our journey of transforming our country and making it a lot better, and in this regard we are opening up opportunities for the private sector,” Ramaphosa said.
Despite alarming levels of crime and corruption in SA, he was also emphatic that the country is a safe investment destination.
“Africa is ready for new investment and strong partnerships. SA is well positioned as the continent’s industrial centre, with deep capital markets, rule of law, protection of property rights and a dynamic and youthful population,” Ramaphosa said.
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