In a recent address to the South African Chamber of Commerce in the UK, the Deputy President of South Africa highlighted the nation’s efforts to attract foreign investment and foster economic growth. The visit, deemed highly successful, aimed to strengthen trade and investment relations between South Africa, the United Kingdom, and Ireland.
Mashatile stated that the South African Chamber of Commerce UK played a pivotal role in engaging with business to promote bilateral trade and investment links between the UK and South Africa and thanked the SA Chamber UK for our hospitality and support throughout the week.
“We trust that you will continue to work with us, particularly to ensure that we can attract more investment from this country. We want you as a Chamber to be able to assist us to continue to engage more investors at bilateral meetings. There are also a number of companies from South Africa who want to invest in the UK and we want to ensure that opportunities are created for them to be able to do so.”
The Deputy President emphasized the stability of South Africa’s political environment, particularly for investments, citing the Government of National Unity (GNU) as a key factor. Operational for nearly 100 days, the GNU has already begun yielding positive results, with numerous meetings revealing a shift in investor attitudes towards South Africa.
Key topics discussed included energy and infrastructure, with the Deputy President reiterating the end of load shedding due to measures implemented by Eskom and the government. The Energy Action Plan, unveiled in July 2022, and the appointment of a new Minister of Electricity have been pivotal in improving the energy situation.
The Deputy President also highlighted significant reforms, such as allowing private sector electricity production, which is expected to increase capacity by over 9,000 megawatts. Additionally, initiatives to boost the economy, including rail reform and LNG import facilities, were discussed.
Infrastructure development remains a priority, with plans to extend transmission lines by 14,000 kilometers, requiring substantial investment. The Deputy President invited private investors to participate in these projects, emphasizing the creation of a sustainable and bankable investment pipeline.
The visit included engagements at the London Stock Exchange and the release of the South African Construction Report, showcasing investment potential in the country’s infrastructure sector. The Deputy President urged continued collaboration to attract more investment and prepare for South Africa’s upcoming presidency of the G20.
In his concluding remarks, the Deputy President expressed optimism about the future, noting the positive reception from investors and the commitment to deepening reforms and executing projects. He emphasized the importance of maintaining stability and accelerating economic reforms to ensure sustainable growth and development.
The Deputy President’s address was followed by a panel discussion with other ministers, who echoed the sentiment of optimism and highlighted the collaborative efforts within the GNU to drive South Africa’s growth agenda. The ministers emphasized the importance of private sector participation in infrastructure projects and the need to capitalize on the current window of opportunity to attract investment.
Overall, the visit to the UK was seen as a significant step in strengthening South Africa’s economic ties and showcasing the country’s potential as a prime investment destination. The Deputy President and his team remain committed to fostering an environment conducive to growth and development, with a focus on inclusive and sustainable economic progress.
The South African Chamber of Commerce UK would like to extend its sincere thanks to the Ministers for their participation in the debate and so eloquently sharing their valuable insights, objectives and plans to deal with South Africa’s immediate challenges.
We express our gratitude to our generous sponsors Simmons & Simmons, GE HealthCare, Adapa Advisory and Genius Boards for supporting this event.
You are invited to watch the video of the full presentation below:
