President Ramaphosa welcomes expansion of German investment in SA

Business World

Just News |

President Cyril Ramaphosa has commended German business leaders on their continued engagement with South Africa and pledged that government will sustain economic reforms aimed at facilitating greater investment as a key to addressing poverty, unemployment and inequality.

President Ramaphosa participated in a CEO Roundtable in Berlin, Germany, on Thursday, 26 August 2021, under the auspices of the German-African Business Association.

Ramaphosa is on a working visit to the Federal Republic of Germany at the invitation of Chancellor Angela Merkel for a meeting of the G20 Compact with Africa (CwA), which is co-chaired by Germany and South Africa.

The G20 Compact with Africa (CwA) was initiated under the G20 German Presidency in 2017 to promote private investment into the African continent.

In a statement released by the Presidency on Friday, it said German investment in South Africa ranges from global industrial giants that have been active in the country for more than a century, to a start-up whose first venture outside Germany is in South Africa.

“A number of the business leaders expressed their interest in South Africa’s just transition from carbon-based energy sources to planet-friendly alternatives. Executives indicated how this transition could spawn new industries and opportunities for smaller businesses that would entail a new skills base for the country and create new jobs.”

Leave a Reply

Your email address will not be published. Required fields are marked *