Deputy President Paul Mashatile has assured Ireland that South Africa is committed to creating an enabling business environment that attracts investment, spurs economic development, and creates jobs.
“We understand the significance of collaboration with countries like Ireland, which share our values and aspirations for a better future. As a country, we want to enhance our exports of value-added goods and services to Ireland,” the Deputy President said on Friday.
This as the Deputy President undertook a working visit to Ireland to reinforce South Africa’s historic and warm bilateral relations with the nation where he is also expected to meet his Irish counterpart, Prime Minister Simon Harris.
READ | Mashatile undertakes working visits to Ireland and the UK
Speaking at the South Africa-Ireland Forum, the country’s second-in-command said the nation’s focus was on understanding the potential for growth in the global economy.
“It is our responsibility as leaders in our various regions to cultivate an environment that promotes entrepreneurship stimulates innovation and propels inclusive prosperity.”
The Deputy President said he was pleased that the two countries already trade in food and beverages.
“However, I must admit that the global pandemic has hindered our trade partnership, leading to only modest progress. We must identify measures to expedite international investment. I strongly believe that there is significant potential to significantly increase the volume and value of various products, including those that are manufactured,” he added.
He told businesspeople that there were many reasons to invest in South Africa, including the fact that the country has had political stability and peaceful elections since 1994.
“We emerged from a peaceful election and formed a Government of National Unity (GNU). All parties in the GNU pledge to uphold the 10 fundamental principles.”
These, he said, include respect for the Constitution, non-racialism, social justice, human dignity, nation-building, peace and stability, accountability, evidence-based policy, a professional developmental public service, and integrity.
The Deputy President also said South Africa prides itself on quality infrastructure and logistics, the largest presence of multinationals in Africa, a well-developed and diversified manufacturing base.
In addition, he pointed out that the country also has a lucrative emerging market, favourable market access to the global market, an innovation and technology hub, abundant natural resources, Africa’s leading financial hub, a young labour workforce, and excellent quality of life.
He also told potential investors that several South African key science and technology innovations and achievements emerge from our home soil.
He mentioned the Kreepy Krauly automatic pool cleaner, CAT scan, Q20 lubricant, Pratley Putty and Smartlock Safety Syringe.
Government interventions
Shifting his focus on the South Africa’s Economic Recovery Plan and projects like Operation Vulindlela, which he said were a collaborative effort to expedite the implementation of economic and structural reforms, are aimed at stimulating job creation and development.
To ensure the rapid expansion of energy generation capacity, he stated government’s various interventions including the announcement of a further 6800 MW of solar PV and wind power being procured through Bid Windows 5, 6, and 7.
“Future windows will procure an additional 3000 MW of gas and 513 MW of battery storage. The government has boosted private sector participation in energy generation by removing the 100MW National Energy Regulator of South Africa (Nersa) licence threshold, a game-changing announcement for the industry.
“It should also be noted that the Hydrogen Economy has been identified as a potential game changer for South Africa,” he explained.
In addition to the investment opportunities in the energy space, he said the nation wishes to explore cooperation for investment projects in sectors such as food tech, global business services, film, fintech and infrastructure in Ireland.
He believes that South Africa can benefit from Ireland’s expertise in the technplogy sector as the country is currently attracting a lot of back-office service operations from foreign companies.
“However, foreign companies from Ireland have been slow in relocating operations to South Africa.
“This engagement presents an opportunity to reverse this trend. In terms of fintech, there is a lot of capital available in Ireland that could boost South Africa’s innovative fintech. Furthermore, the film industries of both countries could benefit from enhancing cooperation in the film space could benefit both countries film industries.”
He urged Ireland to assist South Africa with the successful implementation of the projects, with the provision of requisite skills in these sectors. – SAnews.gov.za
