Africa is the next growth frontier, Zuma tells Germans
South Africa’s foreign direct investment (FDI) accounted for about 42% of the country’s GDP, South African President Jacob Zuma said.
Addressing guests at a business dinner in Berlin, Germany, on Tuesday night, he highlighted the importance of FDI in South Africa, and creating investment opportunities for investors in the country, which is viewed as a gateway to the African continent.
“Germany is by far South Africa’s most important trading partner in the Euro28, it is important for the two countries to keep engaging on issues of mutual interest, and improve economic and trade relations between the two countries and the African Continent,” said Zuma.
Africa, he emphasised, was the “next growth frontier”.
FDI into the country had continued to grow, and “over the last five years, South Africa accounted for the bulk of new investment projects in Africa,” Zuma added. These projects came in to the country from the US, European Union member States, China, India and other countries within the Asian continent.
He said to encourage further investment, the Department of Trade and Industry “is establishing a one stop Inter-Departmental Clearing House to attend to investor complaints and problems”.
He invited German investors to make use of this service.
He spoke about the bilateral trade and investment opportunities for companies in both Germany and South Africa, and noted how there were 600 German companies operating in South Africa, employing close to 100 000 people.
The growth in the number of companies in the country, he said, was a sign that the country was becoming a more attractive investment destination, and becoming more competitive on the global stage.
The World Economic Forum’s Annual Global Competitiveness Report 2015/16 showed how the county had moved up seven places from 56 to 49 out of 140 countries.
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