Zuma: SA a major investor on the continent

NEW YORK: South African investments in Africa are making a significant contribution to the economies of African countries, President Jacob Zuma has said.

Zuma took time out of his schedule at the UN this week to address a small handful of students from the PanAfrican Students Association at Princeton University.

Zuma said South Africa’s foreign policy had been aimed at breaking down barriers that made trade difficult on the continent.

“Africa remains an important economic region for South Africa, as evidenced not only by the widespread presence of our companies on the continent, but also the increasing trade co-operation. South Africa has become one of the major investors on the continent,” he said.

“The investments by South African companies significantly contribute to employment, revenue and taxes in the countries concerned.”

Zuma told students they should take an interest in Africa and help come up with ideas for growth.

“There is no doubt that over the past decade, Africa has come from being the socalled hopeless continent to being a rising star,” he said.

This was due to the continent achieving a measure of peace and stability after having been a “notorious continent with raging wars”.

Zuma said “around twothirds of governments in Africa are democratically elected, compared with just eight in 1991”.

He said the spread of peace and good governance was providing African entrepreneurs with an environment conducive to establishing their industries and promoting themselves.

This meant that six of the world’s 10 fastest-growing economies were in Africa now. “In eight of the past 10 years, Africa has grown faster than East Asia,” Zuma said.

But this growth had to include the poor, he said.

The economic growth in Africa “will produce the resources we need to improve the quality of life”.

Zuma was to address the UN General Assembly later yesterday. – ANA