Africa ready for new investment – Ramaphosa

Cape Town – President Cyril Ramaphosa has expressed his country’s readiness for new investment and strong partnerships during a US-South Africa Trade and Investment Business Roundtable Dialogue in New York.

He highlighted South Africa’s position as Africa’s industrial centre, citing deep capital markets, the rule of law, property rights protection, and a dynamic population.

He also mentioned the significant presence of US companies in South Africa.

“Africa is ready for new investment and strong partnerships. South Africa is well positioned as the continent’s industrial centre, with deep capital markets, the rule of law, protection of property rights and a dynamic and youthful population.

“The significant presence of US companies operating in South Africa, including Ford, Coca-Cola, Pepsico, Procter & Gamble, Google, Amazon and Walmart, among many others, forms a base for increased investment,” Ramaphosa said.

He encouraged discussions to accelerate growth and strengthen business relationships between the two countries.

“I look forward to our discussions and encourage your candid views. I also look forward to welcoming all of the companies present here today to South Africa in November this year during the AGOA Forum… I look forward to building and strengthening business relationships that will accelerate growth, enable commercial success and ensure prosperity for both our countries,” Ramaphosa said.

He emphasised the importance of global engagement, expressed support for the African Continental Free Trade Area, and discussed South Africa’s economic reform agenda, including efforts to expand industrial capacity and increase investment.

South Africa is working with the US to extend the African Growth and Opportunity Act (AGOA), and the country aims to attract R2 trillion in investments over the next five years.