Ramaphosa said opportunities exist in South Africa for potential investors. Photo: GCIS
As South Africa continues to suffer from the excruciating pain of load shedding, President Cyril Ramaphosa emphasised the significant opportunity for private capital to invest in South Africa’s energy transition.
The president made the remarks on Wednesday during a meeting with the leadership of the 20–20 Investment Association at the Union Buildings in Pretoria.
Ramaphosa was accompanied by Ministers Ebrahim Patel, Pravin Gordhan, and Deputy Minister David Masondo.
The presidency said the aim of the meeting was to afford Ramaphosa an opportunity to share with the leadership of the Association his views on South Africa’s dynamic political, economic and investment climate.
“The meeting was convened in the context of South Africa’s Economic Reconstruction and Recovery Plan with a long-term objective to restore the country’s economy to inclusive growth.”
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“Amongst others, the meeting received various inputs from representatives of the Association, and the President led discussions ranging from the country’s economic growth; energy security; food security and the global economic situation,” it said.
Ramaphosa said opportunities exist in South Africa for potential investors.
“As we have shown, long-term asset managers and investors will be able to contribute to sustainable clean growth in the fields of renewable energy generation and transmission.”
“There is also great investment potential in the development of the electric vehicle manufacturing sector and the generation of green hydrogen for local industrial use and export,” said Ramaphosa.
20–20 Investment Association is a non-profit association of global leaders in the financial industry dedicated to learning about the investment climate in emerging markets and has a collective membership representing nearly US$8 trillion in investment capital.
South Africa’s black women empowerment group WIPHOLD led by Gloria Serobe and Louisa Mojela, is a member of the association.
Earlier this month, during an official state visit to the Kingdom of Saudi Arabia, Ramaphosa said Saudi companies had access to capital, know-how and markets.
He said there were many opportunities for joint ventures and industrial partnerships between the two business communities to foster greater trade and investment.
“For example, we can do partnerships in fertilizer production, chemicals, and can supply a wider range of food products to Saudi markets. South Africa’s services sectors and professional skills are highly regarded across the Middle East.”
Ramaphosa visited the country at the invitation of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al-Saud, and was hosted in Jeddah by HRH Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz al Saud on 15 and 16 October.
Additional reporting by Sipho Mabena
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