Cape Town – President Cyril Ramaphosa has addressed investors at the New York Stock Exchange, saying that the Government of National Unity (GNU) has boosted confidence in South Africa’s economic recovery.
The president is participating in a gathering of heads of state and senior leaders at the United Nations General Assembly.
On Monday, he made a stop at the New York Stock Exchange to deliver a speech.
🇿🇦 His Excellency President @CyrilRamaphosa addresses the SA-US Interactive Business Forum
At the New York Stock Exchange.President Ramaphosa engaged with business leaders as part of his drive to attract foreign direct investment for South Africa. #BetterAfricaBetterWorld 🌍 pic.twitter.com/lrcV7TvT26
— The Presidency 🇿🇦 (@PresidencyZA) September 24, 2024
“The level of confidence has now gone up enormously, and ordinary people, as well, in terms of addressing their social needs, are now feeling that we will be able to address those needs. So, the message that we are beaming to the world is that South Africa’s step and development can be emulated,” EWN quoted Ramaphosa as saying.
Speaking at the UN General Assembly, he invited investors to join South Africa on its recovery path, highlighting improved optimism among both investors and citizens.
Ramaphosa emphasised the importance of South Africa-US partnerships and mentioned that a memorandum of understanding between the Johannesburg Stock Exchange and the NYSE has strengthened bilateral relations.
Meanwhile, the president also met with Elon Musk to discuss potential investment opportunities in South Africa, particularly in the context of Musk’s Starlink satellite internet service.
Despite reports that Starlink isn’t available in South Africa due to BEE regulations, ICASA has yet to receive a formal application from the company, reports said.
During his address at the SA-US Business Forum, Ramaphosa highlighted South Africa’s focus on inclusive growth, job creation, and structural economic reforms, and announced a new investment target of R2 trillion over the next five years.
#UNGA79 | His Excellency President @CyrilRamaphosa met with South African born American entrepreneur @ElonMusk, founder of Tesla and SpaceX.
The discussion explored opportunities for Elon Musk to invest in South Africa. The President is on an investment drive on the sidelines… pic.twitter.com/xoLWQAHXBX
— The Presidency 🇿🇦 (@PresidencyZA) September 24, 2024
“South Africa intends to stay the course on the structural economic reform process, on scaling up investment in key infrastructure, and on improving the business operating environment,” The Citizen quoted Ramaphosa as saying.
“Our efforts to promote South Africa as a favourable investment destination continue to yield positive benefits.
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Picture: X/@PresidencyZA
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Compiled by Betha Madhomu
