By Lehlohonolo Lehana.
President Cyril Ramaphosa has hailed the collaboration between the New York Stock Exchange (NYSE) and Johannesburg Stock Exchange (JSE), following the 2022 Memorandum of Understanding.
Ramaphosa stated that the partnership between the two stock exchanges “promotes cross-border investment and drives economic growth on a global scale.”
The President further highlighted the US as one of South Africa’s most valued trade partners, noting that bilateral trade totalled USD 17.6 billion in 2022.
He also praised the impact of the African Growth and Opportunity Act (AGOA) in fostering trade and creating jobs in sectors like automotive, agriculture, and precious metals.
With Africa’s population expected to reach 2.5 billion by 2050, Ramaphosa painted a bright picture of the continent’s economic prospects, noting that the African Continental Free Trade Area (AfCFTA) would “drive a wave of industrialisation and create dynamic regional value chains.”
This too presents opportunities for US businesses and investors, and opens up new markets for their goods, products and services.
Mutually beneficial trade and investment not only unlocks the dynamism and potential of an entire continent. It will also aid Africa’s efforts to achieve the Sustainable Development Goals,” the President said.
Ramaphosa reassured investors of the stability and security of investments in South Africa.
“South Africa is open for business. Sustainable and inclusive growth spurs development and creates jobs.
“Together, we can forge a path to shared success and progress, leveraging our combined strengths to achieve enduring prosperity for our people,” the President said.
He added that South Africa intends to stay the course on the structural economic reform process, on scaling up investment in key infrastructure, and on improving the business operating environment.
The President noted South Africa’s success in attracting investment, revealing that the country had achieved its target of raising R1.2 trillion (approximately USD 63.6 billion) ahead of schedule in 2022.
“We have announced a new target of approximately R2 trillion or approximately USD 100 billion over the next five-year period up to 2028.
“The far-reaching structural reforms we have implemented over the past six years have opened up the country to increased levels of investment that continues to grow,” the President said.