SA remains a sound business, investment destination

FEBRUARY 16, 2015

South Africa remains a sound business and investment destination for foreign investors, Telecommunications and Postal Services Minister Siyabonga Cwele said on Sunday.

Leading a cluster briefing on International Cooperation, Trade and Security (ICTS), the Minister said to further amplify the message that President Jacob Zuma delivered during his State of the Nation Address (SONA), South Africa has anchored its foreign policies to benefitting the country’s economic growth.

The cluster briefing, the first of several to follow, is part of the post-SONA briefings that various clusters will hold over the coming days.

Minister Cwele said while South Africa has played a crucial role towards the building of Africa through various political and economic initiatives, on a world scale, it was forging partnerships that enhance trade and investment.

“President Jacob Zuma attended the World Economic Forum in Davos at the beginning of this year, with a delegation comprising Ministers and business leaders.

“This is an important forum to promote and profile South Africa’s attractiveness as an investment destination of choice.

“South Africa remains a competitive business and investment destination despite challenges in the global economy. Our message was well received by investors,” he said.

In building the country’s image, Minister Cwele said a total of 52 economic diplomacy building activities to promote national priorities have been undertaken.

“As an example, a memorandum of understanding on economic and industrial cooperation was signed with Botswana, which will provide a basis for advancing mutually beneficial economic cooperation and industrial development between the two countries,” he said.

He said South Africa and Botswana will identify projects with the potential for the development of cross-border value chain in key sectors including transport, mining, agro-business, tourism, agriculture, leather and processing of natural resources, among others.

South Africa’s role in the world

The Minister said South Africa remained committed to contributing towards building a better Africa.

He said this was demonstrated by the continued support to peace and security and regional economic integration in the continent.

“This has resulted, among others, in a number of key outcomes such as the operationalization of the African Capacity for Immediate Response to Crises (ACIRC), of which South Africa is a contributing and founding member.”

The Minister said the SA National Defence Force and SA Police Service continued to participate diligently in conflict prevention and peacekeeping in the continent.

South Africa also continued to support conflict resolution initiatives in Lesotho, Sri Lanka and South Sudan, led by Deputy President Cyril Ramaphosa.

Furthermore, economic cooperation with South Africa’s BRICS partners was strengthened when the first two intergovernmental agreements were concluded on the occasion of the sixth BRICS Summit.

Meanwhile, the Minister said other global regions like Europe remained important strategic partners for South Africa, through which the country is able to advance its national and foreign policy.

“We have a valuable partnership with the European Union in, among others, the Infrastructure Investment Programme for South Africa valued at approximately R1.5 billion,” he said.

In shifting the focus to the West, the Minister said the renewal of the African Growth and Opportunity Act (Agoa) beyond September 2015 and a pledge to support African-led peace initiatives in the continent are among the significant outcomes of the United States-Africa Leadership Summit held in the United States last year.

He said at a multilateral level, 2015 marks the 70th anniversary of the United Nations, which brings into sharp focus the need to transform the UN Security Council and other international institutions.

“These observations by President Zuma highlight the level of South Africa’s commitment towards playing its part in creating a better South Africa by contributing to a better and safer Africa in a better world,” said Minister Cwele. –SAnews.gov.za

 

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