South Africa’s laws, policies and regulations must open the country to investment, President Cyril Ramaphosa said on Tuesday.
He spoke at a media briefing in Cape Town along with German Federal President Frank-Walter Steinmeier, who is on a state visit to SA.
“When international investors look at South Africa, they must see that it is a good place for investment,” said Ramaphosa.
“I appreciate the useful discussions we are having on South Africa’s strategic relationship with Germany. South Africa welcomes this opportunity to renew the bonds between our two countries at political, trade and investment level. We will increase our efforts to grow trade between our two countries.”
Germany has more than 600 companies operating in South Africa, providing more than 100 000 jobs. Both Ramaphosa and Steinmeier believe this can help grow the economic relationship between the two countries and increase investment in SA.
South Africa ‘important investment destination’
Ramaphosa said that on a recent visit to Berlin, he saw that South Africa was seen as a “very important investment destination” by German companies.
Steinmeier brought along a business delegation, and opportunities in South Africa would be showcased to them, Ramaphosa said.
He also praised German companies operating in South Africa for driving skills development among young South Africans.
“We can learn from the German approach of using a theoretical learning process coupled with practical vocational training,” said Ramaphosa.
“The aim is to drive sustainable investment in South Africa.”
Steinmeier said his visit to South Africa comes at a time when there is renewed interest in South Africa.
“We in Germany follow the new developments in South Africa closely, especially the efforts to strengthen judicial independence and efforts to fight state capture. Those are very important signals to the international community and South Africa has to confront these huge expectations,” he said.
“German companies are sometimes slow to invest, but once they invest they do so in a sustainable manner. We will explore opportunities to get German companies interested to have the courage to invest in South Africa.”
He said members of the business delegation would be checking if the investment climate in South Africa had improved and whether it was conducive to doing business.
To this, Ramaphosa said South Africa had embarked on a journey of renewal to instil confidence, not only in its own people, but also among international investors. — Fin 24