President Showcases SA as Prime Investment Hub at New York SA Tomorrow Conference

South Africa’s rich reserves of critical minerals and competitive edge in renewable energy and sustainable technology production make it an attractive prospect for investors in green energy.

In a bid to attract international investments, President Cyril Ramaphosa highlighted South Africa’s economic strength and policy reforms at the 11th SA Tomorrow and SA Macro Investment Conference, held in New York City on October 28-29, 2024. Hosted by the Johannesburg Stock Exchange (JSE) alongside Standard Bank, Old Mutual, and UBS, the event brought together influential policymakers, investors, and business leaders to explore South Africa’s investment potential.

In his virtual address, President Ramaphosa promoted South Africa as the “most advanced and diverse economy in sub-Saharan Africa,” boasting “deep, well-regulated financial markets” and a robust, mature financial services sector. He emphasized the recent formation of South Africa’s Government of National Unity (GNU) as a key driver of policy reform and economic stability, sparking renewed investor interest. "South Africa is open for investment in industries as diverse as financial services, advanced manufacturing, energy, healthcare infrastructure, and mining," he said.

Focus on Growth Sectors and Green Energy

South Africa’s rich reserves of critical minerals and competitive edge in renewable energy and sustainable technology production make it an attractive prospect for investors in green energy. “We aim to lead the green energy revolution with our resources in renewable components, green hydrogen, and other sustainable technologies,” the President added. The GNU, established just over 100 days ago, prioritizes growth and job creation, poverty reduction, and the development of a capable and ethical state to drive national progress.

Reforms through Operation Vulindlela

Amid global and domestic challenges, South Africa has implemented targeted reforms under Operation Vulindlela, aimed at revitalizing economic performance. Key achievements include stabilizing the national electricity supply, fostering significant private investment in renewable energy, and opening up rail networks and ports for private sector participation. The government is also focusing on immigration reform to attract skilled workers and tourists, alongside compliance with the Financial Action Task Force’s (FATF) recommendations to remove South Africa from its grey list and strengthen the country’s global financial standing.

G20 Presidency and Global Investment Advocacy

Looking ahead, South Africa will assume the G20 presidency in December 2024 under the theme “Solidarity, Equality, and Sustainable Development.” As G20 leader, South Africa will promote increased investment across Africa and advocate for a fairer global economic order. The President reaffirmed his commitment to an inclusive and stable economy, emphasizing that South Africa’s investment climate is stable, bolstered by “policy certainty, regulatory safeguards, and a supportive business environment.”

Closing his address, President Ramaphosa assured international investors of South Africa's commitment to a secure, growth-focused investment landscape: “South Africa is open for business, and together, we can achieve shared prosperity and progress.”