President Cyril Ramaphosa announced that South Africa aims to attract R2-trillion in investments from the US.
He made this statement at the SA-US Interactive Business Forum in New York on Monday.
Ramaphosa highlighted that this investment will support the Government of National Unity’s (GNU) goals for inclusive growth, job creation, and poverty reduction. It will also help address the high cost of living and build a capable and ethical state.
Renewable energy
Ramaphosa indicated that the investment would be spread across the next five years. He indicated that the previous R1.2-trillion investment had been used in various sectors. These include renewable energy.
The president pointed out that recent structural reforms, especially in the clean energy sector, have attracted more investments to South Africa.
He said these were good news for the South African economy and energy security. As well as the government’s promise to reduce carbon emissions in line with global climate goals.
Ramaphosa also mentioned the supportive industrial framework focused on economic zones. These economic zones promote export-led growth. They also take advantage of the African Continental Free Trade Area (AfCFTA).
Prudent monetary and fiscal policy
“The Government of National Unity is furthermore committed to prudent monetary and fiscal policy. And to strengthening regulatory and legislative frameworks to combat corruption.
“The multidisciplinary team led by the National Treasury continues to make progress. This in the efforts to remove South Africa off the Financial Action Task Force grey list,” said Ramaphosa.
Additionally, he referenced the 2024 Investor Climate Statement from the US State Department. It outlines South Africa’s strong attributes, such as well-regulated capital markets. And also the country’s stable institutions, making it a regional investment hub.
“South Africa and Africa is ripe for investment. This is …investment in financial services, advanced manufacturing, energy, healthcare and infrastructure development. Also in mining, science and technology and other sectors,” said Ramaphosa.
He said South Africa has also developed Just Energy Transition Investment Plan (JET-IP). As such, he wanted US business to partner in this regard.
