Sandton: President Cyril Ramaphosa has urged South African companies to take a leading role in shaping a new economic trajectory for the African continent, saying the country's prosperity is inseparable from that of its neighbours. The President was delivering remarks at the Presidential Business Working Dinner at Investec in Sandton, held just three days before the G20 Leaders' Summit, the first-ever to take place on African soil.
According to South African Government News Agency, President Ramaphosa emphasized the need for collaboration between government and business, as well as other social partners, to explore opportunities beyond South Africa's borders and contribute to the development of a better Africa. He expressed his vision for a new chapter in South Africa's role in the continent's economic development.
Addressing an audience of senior executives, industry leaders, and government officials, President Ramaphosa highlighted that South Africa's G20 Presidency was driven by a clear vision to place Africa at the center of the forum's discussions. He noted the importance of sharing experiences and perspectives to advance trade, commerce, and investment agendas.
The President announced his upcoming meeting with African Heads of State and Government at the G20 Leaders' Summit, where he aims to showcase the extent and scope of investment by South African companies in other African countries. He sees this gathering as an opportunity to reaffirm South African companies' commitment to the continent's development and to encourage reciprocal efforts for a more conducive business environment across African borders.
President Ramaphosa acknowledged the significant role played by the Business B20 in connecting businesses with governments during South Africa's G20 Presidency. He praised the contributions of many executives present at the dinner.
As Africa's most industrialised and diversified economy, President Ramaphosa believes South Africa is well-positioned to drive investment and trade across the continent. He pointed to positive signs within the domestic economy, such as improved employment figures, a projected primary budget surplus, and progress in reducing sovereign debt.
He highlighted key developments, including South Africa's exit from the Financial Action Task Force (FATF) grey list, a recent sovereign credit rating upgrade by S and P, and improvements in electricity supply. Progress at ports and railways was also noted.
Despite these positive developments, the President cautioned against remaining challenges and emphasized the need for South Africa to strengthen its capacity to compete globally. He commended South African firms for their agility and innovation and encouraged them to leverage these qualities to explore new markets across the continent.
Central to unlocking these opportunities, according to the President, is the implementation of the African Continental Free Trade Area (AfCFTA), which will enhance regional integration and cross-border value chains, opening a market of 1.4 billion people with a combined GDP of US$3.4 trillion.
Grounded in the belief that South Africa's destiny is intertwined with the continent's, President Ramaphosa called for a renewed sense of purpose in driving Africa's economic rise, stating, "As Africa grows and prospers, so South Africa will grow and prosper."