President Cyril Ramaphosa will this week attend the Africa CEO Forum in the Ivorian capital, Abidjan, to showcase South Africa’s potential as a premier investment and trade destination.

Ramaphosa wrote in his weekly letter to the nation that government was also supporting South African firms as they sought new opportunities on the continent.

The Africa CEO Forum is an annual event that brings together almost 3 000 CEOs, heads of State and investors to explore potential business leads, partnerships and opportunities.

The event will take place from Monday until Wednesday.

Ramaphosa highlighted that South Africa’s participation in this Forum underscored the country’s commitment to play a leading role in Africa’s economic integration, noting that the event was taking place during disruption in the global economy, owing to geopolitical tension, trade wars and conflicts that were affecting key shipping corridors.

“What this means is that South African businesses are actively exploring new market opportunities. South African investments in other African countries have a long history. These investments have grown and diversified from mining into sectors such as construction, IT and telecommunications, healthcare, financial services, retail and the green economy,” he said.

Ramaphosa’s working visit to Côte d’Ivoire follows his State Visit in December 2021.

He is joined by Minister of Mineral and Petroleum Resources Gwede Mantashe and Minister of Electricity and Energy Dr Kgosientsho Ramokgopa.

Ramaphosa pointed out that since 1994, government had implemented several initiatives to promote trade and investment elsewhere on the continent, including partnerships and trade agreements.

“We are witnessing the benefits of these efforts. The latest trade statistics published by the South African Revenue Service point to increased exports to countries in the region, like Botswana, Eswatini, Lesotho and Namibia, as well as with the rest of Africa,” he said.

Rampahosa said the South African government was determined to use the longstanding presence of local companies on the continent to expand trade and investment with fellow African nations.

He also pointed to the upheavals in the global economy, which he said presented an opportunity for strategic, Africa-focused trade and investment policy.

“South African business must be at the forefront of the transformation of African industry. As government, we are committed to provide the necessary supportive policy and regulatory frameworks.

“By equal measure we will be making the case for African firms to invest in South Africa. We have a diverse economy with highly developed industrial sectors. We have established industries in mining, agriculture, manufacturing, financial and professional services, IT and others,” he stated.

He further noted the ranking by the World Intellectual Property Organisation, which lists South Africa as a leader in digital innovation on the continent and one of the leading incubators of tech startups.

The structural reform process which began under the sixth administration and continued under the Government of National Unity, aimed to position South Africa as a premier trade and investment destination, Ramaphosa said.

Government was looking to make the economy more competitive by reducing the cost of doing business, improving infrastructure and investing in skills development, he assured.

“We are reforming our visa regime to attract skills and promote tourism in South Africa. We are using our G20 Presidency to amplify the continent’s voice and focus global attention on Africa’s economic potential. We are prioritising inclusive global cooperation, a just and equitable economic recovery and promoting long-term environmental resilience,” said Ramaphosa.