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Africa ready for new investment – President Ramaphosa
President Cyril Ramaphosa has told American business representatives that Africa is ready for new investment and strong partnerships.
The President was delivering remarks at the US - South Africa Trade and Investment Business Roundtable Dialogue in New York on Monday.
“Africa is ready for new investment and strong partnerships. South Africa is well positioned as the continent’s industrial centre, with deep capital markets, the rule of law, protection of property rights and a dynamic and youthful population.
“The significant presence of US companies operating in South Africa, including Ford, Coca-Cola, Pepsico, Procter & Gamble, Google, Amazon and Walmart, among many others, forms a base for increased investment,” the President said.
President Ramaphosa said he was pleased to hear that the US Africa Business Council and BUSA will be hosting the inaugural business and investment forum on the margins of the AGOA Forum scheduled to be held in South Africa in November 2023.
He said this platform will present the countries’ respective governments, private sectors and civil society with numerous opportunities to advance trade and investment relations.
“I look forward to our discussions and encourage your candid views. I also look forward to welcoming all of the companies present here today to South Africa in November this year during the AGOA Forum… I look forward to building and strengthening business relationships that will accelerate growth, enable commercial success and ensure prosperity for both our countries,” President Ramaphosa said.
Global prosperity
The President told the business representatives that global prosperity has been founded on greater levels of openness and engagement between nations and people.
He said in recent decades, a more open, rules-based trading system, complemented by deeper levels of cross-border investment, has helped to sustain and grow global GDP.
He said it has helped to increase employment in many countries and spur innovation and new technologies.
“Yet, the heightened tension of this moment has led to fragmentation, hostility and increasing protectionism. For South Africa, a divided world is not a good thing. We are a trading nation, with above average trade-to-GDP ratios. A significant part of our economic growth is driven by exports.
“We believe that the voices advocating greater dialogue and continued economic engagement between nations need to be strengthened,” he said.
Trade and investment agenda
Turning to the trade and investment agenda, President Ramaphosa said that they are finalising the modalities for the imminent launch of trade under the African Continental Free Trade Area.
“We expect that the first goods to be traded under this free trade pact would commence within the next six months or sooner. The AfCFTA, as it is called, will cover 1.3 billion consumers in countries possessing some of the world’s most valuable minerals and raw materials,” he said.
South Africa is working with the US Administration to make the case for the extension of AGOA to current beneficiary countries for a further period of 10 years, prior to its expiry in 2025, President Ramaphosa said.
He emphasised that the US remains a very important economic partner in trade and investment, with great potential to further expand economic ties.
Accompanying this trade agenda, the President said government has embarked on far-reaching economic reforms, including the energy market being restructured.
Economic reform agenda
Turning to the economic reforms agenda, President Ramaphosa said the country is also focusing on expanding its industrial capacity.
“The availability of critical raw materials in South Africa and in neighbouring countries is driving efforts to expand high-value manufacturing. This is a real opportunity for more US investment that can leverage off the demonstrated manufacturing base of South Africa.
“African growth rates provide a stable growth in aggregate demand over the next decade and more,” he said.
The recently published African Economic Outlook for 2023 noted: “Growth is projected to rebound to 4% in 2023 and consolidate at 4.3% in 2024, underpinning Africa’s continued resilience to shocks.”
The report goes on to say that Africa is endowed with 30% of the world’s mineral resources and 65% of the world’s uncultivated arable land, the world’s most productive forests both in timber and carbon retention resources, and ample solar, wind and hydropower.
“With this kind of potential, savvy investors will be expanding… their base in South Africa and the rest of the continent.
“Our economic reform agenda also includes targeted measures to open the market for more South Africans to participate,” he said.
The President told the business leaders that South Africa has increased its target for its investment drive to R2 trillion over the next five years.
“To appreciate the great opportunities in our economy, I invite you to the next South Africa Investment Conference, to be held in March 2024,” he said.
The investment drive includes an expansion of Special Economic Zones, the most recent of which was built around the Ford Motor Company plant in the capital city, Pretoria. Around 10 large factories now produce components for the scaled-up Ford plant. – SAnews.gov.za
DikelediM
Tue, 09/19/2023 - 11:39
There are many well-known elements that have to be considered when investing in a retirement home, among them location, security, and cost. Alongside these are certain lifestyle elements that are also well worth including in the decision-making process. “Your retirement home is often the final residential investment you will make, and this puts a lot …
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World leaders called to champion women, children health agenda
President Cyril Ramaphosa has called on Heads of State and Government to join the Global Leaders Network to champion the women, children and adolescent health agenda.
The President was addressing the High Level Partnership for Maternal, Newborn and Child Health (PMNCH) event on Monday at the UNICEF headquarters in New York, USA.
“As Heads of State, we can provide leadership and inspire ambitious action. We have the convening power to mobilise our peers and advance policies, programmes and financing initiatives for improved outcomes.
“As part of our agenda, we must challenge the disregard in many communities and countries for the sexual and reproductive health and rights of women,” President Ramaphosa said.
The President spent the first and second day of his working visit to the United States - for the 78th United Nations General Assembly - discussing sustainable development goals and investments in South Africa.
On Sunday, President Ramaphosa held a bilateral meeting with Professor Klaus Schwab, CEO of the World Economic Forum (WEF), to discuss South Africa’s participation at WEF and the progress the country is making on the reforms aimed at advancing inclusive economic growth.
The President also met with United States Congressman, Gregory Meeks. Both President Ramaphosa and Congressman Meeks acknowledged the need for greater cooperation between the US and South Africa in tackling global issues that are impacting the African continent, primarily, the impact of the Russia-Ukraine conflict on Africa.
“Congressman Meeks welcomed the briefing on the conclusion of the investigation into the docking of the LadyR vessel in Simmons Town, South Africa, and expressed his commitment to contributing to the strengthening of US-Africa diplomatic and trade relations, and to attending the AGOA forum in South Africa later this year,” the Presidency said.
President Ramaphosa concluded his first day of engagements with a meeting with the United Nations Secretary General, Antonio Guterres.
The two leaders discussed developments related to the reform of the international financial architecture and other initiatives in support of the Sustainable Development Goals, as well as the reform of the United Nations Security Council. The Secretary General commended South Africa for its important role in advancing these efforts.
The President also delivered remarks at the Sustainable Development Goals Summit, where he joined the call to address the fundamental development challenges that have long characterised an unequal world.
“The President emphasised the need for targeted investment, technology transfer and capacity building support especially in key areas such as industralisation, infrastructure, agriculture, water, energy, education and health. The President further underscored the requirement for sustained financial support, including supportive trade policies from the international community,” the Presidency said.
Later on Monday, President Ramaphosa led the business roundtable discussions with the US Chamber of Commerce and the US-Africa Business Center.
President Ramaphosa used the occasion to position South Africa’s economic reform agenda, which is focused on expanding industrial capacity as an opportunity for more US investment that can leverage off the demonstrated manufacturing base of South Africa. – SAnews.gov.za
DikelediM
Tue, 09/19/2023 - 12:01
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National Transmission Company can now get "down to business" - Gordhan
Public Enterprises Minister Pravin Gordhan has welcomed the National Energy Regulator of South Africa’s (NERSA) decision to approve the trading and import/export license applications by the National Transmission Company of South Africa (NTCSA).
The NTCSA is wholly owned by Eskom as the state-owned company is being restructured into the generation, transmission and distribution subsidiaries.
“This is great news for the people of South Africa. We now have in place all the critical elements for creating a more dynamic, a more responsive and a competitive electricity industry.
“The granting of these licences means that the National Transmission Company of South Africa is ready to get down to business and bring a much-needed overhaul of our electricity industry. This is a significant milestone as it also paves the way for the procurement of power from across the region,” Gordhan said.
The department explained that NTCSA applied for trading license in order to be able to to buy and sell electricity from power stations and independent power producers.
“The terms of the NTCSA’s trading licence will be five years as a transitional arrangement to allow for transition from the exclusive trading arrangement and incorporation of changes that may emanate from the ERA amendment and price review processes.
“The licence gives it authorisation to conduct import and export of electricity activities throughout the Southern African Development Community (SADC) using the NTCSA transmission network and the transmission systems of other SADC member countries.
“The NTCSA will operate the transmission system and perform the following key integrated roles to ensure the integrity of the interconnected power system (IPS): Transmission Network Service Provider (TNSP); System Operator (SO); Transmission System Planner (TSP) and Grid Code Secretariat,” the department said. – SAnews.gov.za
NeoB
Tue, 09/19/2023 - 11:14
Following her win at the Absa RUN YOUR CITY TSHWANE 10K in August this year, Ethiopia’s 18-year-old Debash Desta has now set her sights on the final leg of the Absa RUN YOUR CITY Series, the Absa RUN YOUR CITY JOBURG 10K that will take place on National Heritage Day (Sunday 24 September). Desta showcased …
Keeping your business’s cash flow in check is a fundamental skill for any business owner looking to secure long-term financial success. But, let’s face it, it can be a real headache for small and medium-sized enterprises (SMEs), not only in South Africa but the world over. A recent study by Intuit showed that a whopping …
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DPWI minister to meet stakeholders in built environment sector
Public Works and Infrastructure Minister Sihle Zikalala will on Tuesday meet with various stakeholders in the construction and built environment sector in Rustenburg, North West.
According to the department, the engagement is aimed at resolving challenges faced by stakeholders within the sector, as well as women and youth owned enterprises with the potential to enter the sector.
“This engagement comes after Minister Zikalala was briefed by the delegation of the Black Business Council in the Built Environment (BBCBE) in the North West on challenges that confront built environment practictioners in the province, particularly women and youth owned enterprises,” the department said. – SAnews.gov.za
Edwin
Mon, 09/18/2023 - 12:09
Provincial departments commit to remove bottlenecks in housing delivery
Human Settlements provincial departments have committed to remove bottlenecks that may result in project delays and blocked projects in housing delivery.
The provincial departments made the commitment during a meeting between Human Settlements Minister Mmamoloko Kubayi and Members of the Executive Council (MINMEC) of Human Settlements, Members of the Mayoral Councils (MMCs) of Human Settlements and Executive Mayors held at Bojanala Platinum District, North West, on Friday.
The meeting heard that from a target of 300 000, the sector is at 69.5% delivery, with 208 358 fully subsidised houses on the ground.
Kubayi said this is no mean feat in the face of budget cuts the department has faced.
She said about 172 066 serviced sites have been delivered from a projected number of 190 437.
“First home finance has surpassed the 20 000 units mark, as targeted in 2019. To date, there are 22 035 units that have been delivered. The current delivery is against the budget cuts the Department of Human Settlements has faced over the years.
“We are making inroads in ensuring that we bring more people into the housing market and thereby assisting the so-called ‘missing middle’ with home ownership,” Kubayi said.
The MINMEC received a report on the current fiscal environment and reflected on the response by the human settlements sector.
While the sector understands and supports the efforts by the Finance Minister to stabilise the fiscus, MINMEC emphasised the need to find a balance between service delivery priorities and fiscal consolidation.
It was noted that the sector has so far had a mixed bag of performance during the Medium-Term Strategic Framework (MTSF) for 2019 - 2024 period.
However, for the current financial year, concerns were raised about provincial spending, and provinces were urged to deliver in accordance with their business plans or face redirection of funds to performing provinces.
The sector is currently at 32% spending, with eight months left in the financial year.
The meeting also noted major improvements made by the human settlements sector in ensuring that all claims are paid within 30 days.
With the mandatory allocation of 40% set aside for first quarter performance, the provincial departments were acknowledged for making improvements in ensuring the budgets and contracts are set aside for businesses and companies owned by women, youth and people with disabilities.
Over 100 houses handed over to beneficiaries
Meanwhile, ahead of the meeting, the department handed over house keys to beneficiaries of Moses Kotane Community Residential Units (CRU) - one of the affordable rental housing projects in the North West.
The CRUs include 110 units with bachelor and two-bedroom rental accommodations. It supports the upgrading of government-owned communal rental accommodation.
As one of the departmental housing programmes, the CRUs are aimed at facilitating the provision of secure and stable rental tenure for lower income earners. – SAnews.gov.za
GabiK
Mon, 09/18/2023 - 10:44
[Durban, South Africa – 13 September, 2023] – Kwikspace, Africa’s leading provider of prefabricated buildings, has recently completed a project in partnership with Broll and Padel Perfect, delivering essential materials for office spaces and ablutions for the new padel tennis court at Musgrave Centre in Durban. The project marks an important milestone in Kwikspace’s commitment …
World Water Monitoring Day (WWMD) is celebrated on 18 September each year. The South African Department of Water and Sanitation, under the slogan; “Enhancing accountability and sustainability for every drop!” says that World Water Monitoring Day is an international education and outreach program that builds public awareness of the importance of protecting water resources around …
Introduction In the digital era, the importance of data can’t be overstated. Whether it’s customer information, business plans, or financial records, effective storage and backup are critical for any business. Traditional storage methods are slowly becoming obsolete due to several factors, including scalability and risk management. One solution gaining traction, particularly in South Africa, is …
In an era where cyber threats are becoming increasingly sophisticated, organisations must prioritise their cybersecurity measures to protect their assets and data. One of the most effective ways to achieve this is through vulnerability management. What is Vulnerability Management? Vulnerability management is a systematic approach to identifying, assessing, and addressing security vulnerabilities in an organisation’s …
Marecia Damons and Daniel Steyn win 2023 Nat Nakasa Award for Thabo Bester prison escape story
R32-million paid by hundreds of grassroots organisations into accounts of KZN NLC official and his wife