South Africa's growth depends on Africa
20 July 2012 | Sapa
JOHANNESBURG - "South Africa's growth depends on the development of the rest of the continent; therefore it is important that we start looking at investment opportunities for South African businesses in the rest of the African continent," said PIC CEO Elias Masilela.
He said the continent had moved from hopeless to rising star, rapid growth, a stabilising political landscape and improved governance.
"This is in addition to Africa being rich in natural resources. There's also a greater recognition for the need for regional co-operation."
Masilela was addressing a business forum hosted by Nedbank in partnership with the Business Foundation of the New Partnership for Africa's Development (Nepad).
He said the PIC, South Africa's largest asset manager, had launched its strategy this year to expand its investment portfolio in Africa.
Launched in April, the forum brings together business leaders who gain insights from practitioners in the public and private sector about political-economic realities that affect African and South African businesses on the continent.
The need for intra-Africa trade is increasing as the continent's biggest trading partner, Europe, is under severe economic pressure.
Currently, trade among African countries stands at 12 percent.
"The objective of the forum is to provide an in-depth understanding of political-economic nuances that companies need to understand, design strategy around and implement, if they intend to be successful in doing business on the continent," said Stanley Subramoney, chairman of the Nepad Business Foundation.
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