SA economic environment ‘conducive to investment’

THE UNITED Arab Emirates (UAE) said it has observed that South Africa’s stable macroeconomic environment provides a strong platform to attract foreign capital that could fund additional investment.

This came as a high-level trade and investment delegation, organised by the Ministry of Economy under the chairmanship of Sultan bin Saeed Al Mansoori, the UAE Minister of Economy, participated in the Africa Trade Week in Johannesburg from June 23 to 25 under the theme “Africa – The New Home for Trade”.

The Africa Trade Week saw the participation of senior officials and representatives from local authorities as well as the UAE’s private sector.

SA’s stable macroeconomic environment has been evidenced by the UAE’s announced plan to invest $10 billion (R143bn) in key sectors of South Africa’s economy, such as tourism and mining, during President Cyril Ramaphosa’s visit to that country last year. The UAE further observed that South Africa’s prudent macroeconomic policies were highly regarded by international investors, along with its well-developed and well-regulated financial markets.

On Tuesday delegates from the UAE Ministry of Economy, in partnership with South Africa’s Department of Industry, met in Rosebank for the South Africa-UAE Business Forum in order to discuss increasing bilateral trade between the two countries. Representing the government of the UAE was Abdullah Al-Saleh, Undersecretary of Foreign Trade and Industry within the UAE Ministry of Economy, Mahash Saeed Alhameli, ambassador of the UAE to South Africa, and Mohammed Al Zaabi, director of the UAE Ministry of Economy.

The foremost objective of the UAE’s official delegation to South Africa was to provide UAE-based companies with insight into processes as well as connections necessary to do business in South Africa. Members of the South African government, South African trade and investment bodies, and local big business in attendance saw highlevel participation from investors and corporate owners from all sectors of the UAE delegation.

The UAE government said it aimed to collaborate with South African business on 10 key points of co-operation, in key areas, which include petrochemicals, alternative renewable oil and gas energy, transport and infrastructure.

Al-Saleh in his address to delegates, noted that the UAE recognised South Africa as the gateway to the rest of Africa. | African News Agency (ANA)