Programme Director;
Ministers and Deputy Ministers;
Representatives of Goldman Sachs senior management including Kunal Shah, Ryad Yousuf, Bivash Gunpath and Andrew Matheny; 
Representatives of leading UK-based institutional investors including asset managers, hedge funds and insurance companies; 
Invited Investors and Fund Managers;
Ladies and gentlemen, 

I am deeply honoured to stand before you this morning at this prestigious gathering organised by Goldman Sachs, one of the largest investment banks, as we continue to work together to find ways to attract more investment into our respective countries.

This morning I would like to shed light on the critical importance of fostering economic collaboration and investment between our nations.

The relationship between the United Kingdom and South Africa transcends geographical boundaries and ties us together through historical, economic, and cultural connections. It is this shared history and common vision for a prosperous future that forms the foundation of our partnership and sets the stage for greater collaboration.

At the opening of our first democratic parliament, President Nelson Mandela said, We must, constrained by and yet regardless of the accumulated effect of our historical burdens, seize the time to define for ourselves what we want to make of our shared destiny.”

Thirty years later, these words by the founding president of our democratic  Government remain truly inspirational. We have an opportunity, arising out of the outcomes of our recent elections, to define for ourselves what we want to make of our shared destiny," truly united in our diversity.

No matter how we differ politically and ideologically, what unites us is our pursuit of a prosperous, united, and democratic country. We share a common vision of a South Africa in which all enjoy the protection of the law, have equal opportunities, and are free from hunger, want, and disease.

We are here today, as descendants of Nelson Mandela, to have a conversation with you and convey a message that regardless of the accumulated effect of our historical burdens, we are determined to seize the time to define for ourselves what we want to make of our shared destiny.

Our people went to the polls, freely expressing their will and mandating those on whom they wished to commit their public power. This activity has become a normative and regular occurrence in our society. In a unified manner, the people of our country have stated that they do not give that public power to a single political party.

This was a plea for political parties to put aside their differences and use our strength and experience to carry out the wishes of their constituents. Our people have bonded us so that we may work together and hold each other accountable for the advancement of our country, South Africa, a rainbow nation.

In this regard, the ANC, as the largest party in Parliament, drafted a statement of intent and invited all political parties to form a Government of National Unity. The GNU is now at work, implementing the programme of Government driven through three overarching priorities:

•    To drive inclusive growth and job creation;

•    To reduce poverty and tackle the high cost of living and;

•    To build a capable, ethical, and developmental state.

If you had been following us from South Africa the moment we set foot on this ground, you would have realized that the GNU is operational and that we are all working as a team. When we address challenges, we do so in a unifying and understanding manner, and when we have disagreements, we sit down and have a conversation until we reach a decision that we can all agree on.

As a result, the GNU is a resounding demonstration of a democracy in operation that can serve as a model for other democracies around the world. We were able to form a government in less than a month following the election, and there was no loss of life.

Our leadership and maturity in domestic politics qualify us to be appropriate leaders on a global stage. This is the reason why we, as a nation, are of the opinion that the impending G20 Presidency from December 2024 to November 2025 will present a critical opportunity for our pursuit of sustainable development and global cooperation.

Our guiding theme for the Presidency of the G20 will be ” Solidarity, Equality, and Sustainable Development." This pronounces South Africa’s abiding commitment to fostering international cooperation in addressing global challenges.

We aim to use the G20 Presidency to address pressing challenges by lobbying for increased respect for the rule of law and cooperation within the international system. South Africa is committed to the realisation of the AU's Agenda 2063.

As a result, we will use our hosting G20 to promote the achievement of the Africa we want. The Africa that we want is Africa that is giving birth to global entrepreneurship.

Africa that is skilling its people to benefit from its mineral and rich resources.

Africa that is on a path to achieve inclusive and sustainable socio-economic development by 2063.

Critical to the achievement of the Africa we want is our country, South Africa, the powerhouse of Africa and the gateway to the continent; hence, we are signatory to the African Continental Free Trade Area (AfCFTA), which seeks to create a single continental market for goods and services in Africa.

We understand that to maintain our self-proclaim position as a gateway to Africa, we must invest heavily in infrastructure, particularly rail and road infrastructure, to make it easier to move goods.

Well-designed infrastructure is critical for the efficient production and use of goods and services because it lowers trade costs and allows for economies of scale. It is a critical component of economic growth and development, which is necessary for improving living standards.

To cement our commitment to improving infrastructure in our country, we have established Infrastructure South Africa in response to SA's Infrastructure Investment Plan, which identified the need for a focused governance structure for infrastructure projects, programs, and investment.

Ladies and gentlemen,

South Africa is open for business and needs a lot of capital injection to realise its economic growth targets. In this regard, we intend to address our current underinvestment by developing an investment model that attracts greenfield investment, which leads to high growth and a significant contribution to the GDP.

We will mobilise resources from both the fiscus and capital markets that are ready to fund some of our projects through blended finance, as well as mechanisms such as Build, Operate and Transfer (BOT).

We identified network industries as catalytic for economic recovery because of their potential to stimulate investments and economic activities in other areas.

In this regard, we have stabilised our energy availability factor and have provided enough energy for the base load, leading to no occurrences of loadshedding over the past few months. We achieved this by intentionally implementing our Energy Action Plan.

However, we still need a lot of investment in this area, particularly in harnessing green sources of energy to achieve a sustainable energy mix.

In this regard, we need to invest in financing our Just Energy Transition to ensure a fair, equitable, and sustainable energy transition that protects jobs and livelihoods.

We have developed a green hydrogen commercialisation strategy that provides for the development of massive infrastructure for the production of green hydrogen.

Ladies and gentlemen,

The Minister of Water and Sanitation has developed and published the raw water pricing strategy. The strategy aims to offer water users transparency and predictability in water pricing.

The President has appointed me to lead a Water Task Team to avoid sliding into a water crisis. One of the urgent priorities is to fix ageing infrastructure.

The department of water and sanitation has already allocated R10.1 billion to municipalities through the regional bulk infrastructure grant, R4.6 billion through the water services infrastructure grant, and R1.4 billion through the municipal recovery disaster grant to address water challenges.

There are investment opportunities in this regard, ranging from raw water to bulk water treatment, water reticulation to consumers, and waste water treatment facilities.

Ladies and gentlemen,

We have progressed in correcting grey-listing anti-money laundering inadequacies, as determined by the Financial Action Task Force (FATF). South Africa primarily handled three further action items following the conclusion of the FATF Plenary on June 29, 2024. Now, South Africa has handled or largely resolved eight of the 22 points, leaving 14 outstanding, all of which require attention within the next four months.

This will enable the FATF to authorise a visit to South Africa by FATF reviewers in May 2025, with the aim of verifying the appropriate handling of all action items. This would enable the Africa Joint Group (JG) of the FATF to propose the removal of South Africa from the grey list during the FATF Plenary in June 2025.

Finally, in today's quickly changing global economic scene, governments must seek out new pathways for growth and development. Investment opportunities between the United Kingdom and South Africa have enormous potential for mutual benefit, spurring innovation, creating jobs, and increasing competitiveness in both economies.

South Africa, with its abundant natural resources, talented workforce, and strategic location, is an appealing investment option for UK businesses seeking to grow their presence in Africa.

Similarly, the United Kingdom's advanced technology, financial acumen, and worldwide reach provide South African businesses with access to the European market and beyond. By collaborating and utilising each other's strengths, the UK and South Africa can establish a path to shared prosperity, driving long-term progress and fostering socioeconomic development.

We are committed to creating an enabling environment that promotes investment, business-friendly policies, and regulatory certainty. I extend my heartfelt gratitude to Goldman Sachs for hosting this important engagement.

In our hands, we have the compass; we must set the direction we want to pursue; as South Africans, we are on a path to economic development. I am accompanied by Ministers and Deputy Ministers who further shed more light during engagements with yourselves this morning.

Thank you very much for listening to me!

Programme Director;
SOAS President, Zeinab Badawi;
Minsters and Deputy Ministers;
Jo Beall, Vice-Chair: SOAS Board of Trustees;
Provost and Deputy Vice-Chancellor for Education, Professor Joanna Newman MBE;
Deputy Vice-Chancellor Research & Knowledge Exchange, Professor Laura Hammond;
Dean of Development, Economics and Finance, Professor Elisa Van Waeyenberge;
Deputy Vice-Chancellor, Finance & Operations, Khadir Meer;
Dean of Law, Anthropology and Politics, Professor Graeme Were;
Professor Arkebe Oqubay Metiku, British Academy Global Professor;
All professors present;
High Commissioner, Jeremiah Nyamane Mamabolo;
Deputy High Commissioner, Dineo Mathlako;
Director of SOAS, Professor Adam Habib in absentia;

Ladies and gentlemen, 

I am truly honoured to have been invited to address this esteemed gathering at SOAS University of London this afternoon. I also want to thank SOAS for accepting me to do my post-graduate studies at this University. However, owing to increased work load I had delay my studies until things settle down in the new Government. Then I will return to continue my studies at SOAS.

Let me also thank SOAS for having opened doors for many students all over the world, especially from the African continent. Many of them have achieved their Masters degrees and are now Ministers, CEO’s of major corporates and Banks. 

In one of the South African languages we say “Re ya leboga”, in other words we thank you most sincerely! Continue to offer this opportunity to many out there, especially in the African continent. 

As the Chairperson of the Human Resource Development Council (HRDC), I would like to create partnership with SOAS to increase skills required by our economy, particularly focusing on young people.

My delegation and I are here in the United Kingdom to build on the outcomes of the state visit by President Ramaphosa in 2022, with a specific focus on how we can work together to ensure inclusive economic growth and ensure a balance and increase of trade between our two countries.

As we gather here today, several major megatrends are influencing the world, including globalisation, geopolitical inequalities, environmental crises, climate change, demographic changes, and technology convergence, poverty, and wars. 

For example, the current global population is 7.7 billion. However, forecasts indicate that it will grow to 8.5 billion by 2030 and 9.7 billion by 2050. Interestingly however is that half of the 2 billion individuals predicted to be added to the population come from African countries.

The problem is that as population growth increases, inequality also rises, endangering peace and stability worldwide, especially in Africa.

Furthermore, the world is rapidly urbanising, with predictions that 70% of the world's population will reside in cities by 2030.
This is a call for investing where people reside, specifically, we need to focus on rural infrastructure investment. Hence, we should see this as a chance to attract more investors to our rural communities.

Equally Governments and towns must prioritise urban planning solutions that can adapt to these changes. This includes investing in the ecosystems and infrastructure needed to ensure a decent standard of living for all people. This will also necessitate the building of new cities on well located land with all amenities to ensure a better life to citizens.

According to the 2023 Atlas of Sustainable Goals, the global Gini coefficient has fallen since 1990, from about point 70 to point 62 in 2019, which represents significant progress in reducing global inequality.

This suggests that despite progress in reducing inequality, a significant gap still exists between the rich and the poor, indicating the need for more global work to promote economic equality.

Climate change is one of the most pressing issues of our time and poses a significant threat to humanity and the planet. It is a complex problem that demands urgent and consistent action from every individual, organisation, and government.

The government has committed to using the insights and recommendations from the State of Climate Action in South Africa Report to inform the scaling up of the country's actions to respond to climate change. We are actively adopting sustainable practices to reduce our carbon footprint. The global community must unite to address this issue with utmost seriousness and commitment. 

We also call upon the world to work for peace, in particular in the Middle East. We must ensure ceasefire so that the people of Palestine can rebuild and establish a state, side by side with Israel. 

Ladies and Gentlemen, allow me to speak a little bit about our country, the country of Nelson Mandela, Bishop Desmond Tutu, Ruth First, Fatima Meer, Albert Luthuli, Oliver Tambo, Winnie Mandela and many great heroes and heroines. 

In the recent general elections, our voters, casted their votes in a manner that did not result in an outright majority, by this they have echoed a call, propelling us to work together as political parties hence we have formed a Government of National Unity (GNU).

As the GNU we are now more than 100 days in office and we remain united with a common purpose, and no one can derail us from reaching our objectives.

As we approach the first 100 days of this seventh administration, political parties and all social partners have demonstrated a collaborative attitude as well as the discipline to get things done.

Implementing the reform program and achieving more rapid and inclusive economic growth are top priorities for the Government of National Unity.

In summary, our strategy entails promoting trade and investment between South Africa and the UK, as well as strengthening economic cooperation with the UK to support the government's strategic priorities. These priorities include:

• advancing inclusive and sustainable economic growth,
• addressing poverty and the high cost of living, and 
• strengthening our bilateral partnership in various sectors such as trade, investment, skills development, science, and innovation.

As an educational institution, we must invest in the knowledge economy, a system of consumption and production based on intellectual capital. Knowledge economy refers to the ability to capitalise on scientific discoveries and applied research. It represents a large share of the activity in most highly developed economies.

Economic activities based on new knowledge stimulate economic growth, provide higher wages, and greater employment opportunities.

Ladies and gentlemen,

South Africa will assume the G20 Presidency on December 1, 2024, following the G20 Leaders' Summit under the Brazilian Presidency, scheduled for November 18-19, 2024, in Rio de Janeiro, Brazil. During the G20 Presidency, South Africa intends to “place Africa’s development at the top of the agenda." 

In close collaboration with the African Union, South Africa will use the opportunity presented by its G20 Presidency to advance the priorities of the AU’s Agenda 2063: The Africa We Want.

It is important for South Africa to ensure that the G20 remains sensitive to the needs of Africa's and the Global South's developing economies. South Africa firmly believes that the G20, with the United Nations (UN) at the centre, are vitally important in accelerating implementation of the Sustainable Development Goals (SDGs).

South Africa’s presidency of the G20 will provide a unique opportunity to bring to the fore the needs, aspirations, and ambitions of the developing countries. We will use this opportunity to discuss the reform of global governance and build on the efforts and success of the Indonesian, Indian, and Brazilian G20 Presidencies. 

As a country, we are considering the monitoring of past commitments made by the G20 and the possibility of a review of the G20, given that the full cycle of G20 members comes to an end with South Africa. The South African Presidency will further focus on the developmental agenda and implementation of the Sustainable Development Goals (SDG’s).

The worrisome lack of progress in enhancing sustainable development globally underscores the need for global solidarity in addressing issues such as growing inequality, rising hunger, rising extreme poverty, the current global economic, climate, and energy crisis, the debt crisis facing developing countries, and illicit financial flows, all of which impede developing countries' access to sustainable development.

We will also highlight the vital minerals issue and strive to bring attention to it during our presidency. We will concentrate on utilising natural resources, tackling beneficiation challenges, mobilising domestic resources, developing a critical mineral strategy, managing interdependent and diverse supply chains, and leveraging natural capital. 

It is important to note that critical minerals are essential for just transition and the green economy; therefore, the issue remains relevant, particularly as it relates to the type of investment that is required to address these issues.

Furthermore, South Africa will seek to leverage its presidency to advance the global reform agenda, particularly the transformation of the global financial architecture and reform of the International Monetary Fund/World Bank/Multilateral Development Banks.

Processes are presently in progress to establish South Africa's priorities and deliverables for its 2025 G20 presidency. The overarching theme for South Africa will be "Solidarity, Equality, and Sustainable Development". 

• Solidarity signifies a unified effort and mutual support among member nations. It is the recognition that in an interconnected world, the challenges faced by one nation can have global ripple effects.

• Equality refers to ensuring fair treatment, opportunities, and advancement for all individuals and nations, irrespective of their economic status, gender, race, geographic location, or other characteristics.

• Sustainable development is about meeting the needs of the present without compromising the ability of future generations to meet their own needs. It integrates economic growth, social inclusion, and environmental protection, ensuring the long-term health and stability of everyone and our planet. G20 nations, as major global actors, play a pivotal role in driving sustainable development agendas.

As I have already mentioned, South Africa will continue with the discussions around the reform of global systems of governance introduced under the G20 Presidency of Indonesia, India, and Brazil.

The reform of global governance institutions is very important. These institutions are important instruments of global governance and should be at the forefront of ensuring a more just and equitable international order. The debate on global governance reform must advance toward tangible outcomes.

South Africa reiterates its unwavering commitment to modernising the UN to make it more effective, agile, action-oriented, forward-thinking, inclusive, and representative of current geopolitical relations and the international community.

South Africa has always been vocal about the need to reform the global governance system, particularly the global financial architecture, and how the debate must advance towards tangible outcomes.

The lack of progress towards achieving the SDGs necessitates a focus on providing more financial resources, which is linked, among other things, to the need for the reform of international financial institutions and multilateral development banks to make them fit for purpose.

The international financial architecture has not kept pace with a changing global landscape. We urgently need bold and ambitious reforms to create a stable, sustainable, and inclusive international financial architecture, which will broaden and strengthen the voice and participation of developing countries in international economic decision-making, norm-setting, and global economic governance.

We need to transform the global financial system to make it fit for purpose, including by setting more ambitious targets for grant and concessional financing, enhancing multilateral coordination on debt, drawing in the private sector, and ensuring equal participation in the decision-making process.

Ladies and gentlemen,

While South Africa continues to prepare for its G20 Presidency, move towards concrete deliverables, and finalize its agenda, what I have shared here today reflects some of the most pertinent issues that will inform and drive our agenda forward.

It is South Africa's hope that, once completed, looking back at our G20 Presidency will showcase the amplified voice, perspectives, and leadership of the developing world in tackling some of these most pressing global challenges.

As I conclude, South Africa’s hope is that its presidency of the G20 will contribute towards making a world that is more equitable, more resilient, and more sustainable.

As future global leaders, I look forward to hearing your thoughts on how South Africa could further leverage its presidency to achieve this.

Thank you.

Managing Director, Andre Ross;
Ministers and Deputy Ministers;
Executive Director Head of Subsidiary Banking Sub-Saharan Africa, Hemisha Lakhoo;
JP Morgan executives;
Distinguished guests;
Ladies and gentlemen;

I am delighted to welcome you all to this JP Morgan-hosted event, where we come together to discuss the crucial topic of collaboration to improve the financial sector.

In today's rapidly evolving landscape, collaboration is not just an option but a necessity for driving innovation, fostering growth, and ensuring the sustainable development of the financial industry.

As we look around us, we see how interconnected and interdependent the global financial ecosystem has become. No longer can any single entity, whether it be a bank, a fintech company, a regulatory body, or a government, hope to address the complex challenges we face on its own. Collaboration is the key to unlocking new opportunities, mitigating risks, and delivering better outcomes for all stakeholders involved.

As Government, we firmly believe in the power of collaboration. By working together with our industry partners, regulators, and stakeholders, we have been able to drive positive change, innovate our products and services, and create value for our customers. However, we acknowledge that we still have a significant amount of work ahead.

Today, I urge all of us to commit to a more collaborative approach in tackling the pressing issues facing the financial sector. Whether it is enhancing cybersecurity measures, promoting financial inclusion, or developing sustainable investment strategies, we must be willing to share knowledge, resources, and expertise to achieve our common goals.
 
Let us remember that collaboration is not just about working together; it is about leveraging our collective strengths, embracing diversity of thought, and building trust and transparency in everything we do. By fostering a culture of collaboration, we can drive positive impact, foster innovation, and create a more resilient and inclusive financial sector for all.

This engagement is aimed at strengthening bilateral trade and investment relationships between UK and South Africa, focussing on growth opportunities. The global economy is rapidly evolving; therefore, adapting and innovating are crucial to seizing these opportunities. 

The focus is on understanding the potential for growth in the global economy. It is our responsibility as leaders in our various regions to cultivate an environment that promotes entrepreneurship, stimulates innovation, and propels inclusive prosperity.

South Africa is committed to creating an enabling business environment that attracts investment, spurs economic development, and creates the much-needed job opportunities. We understand the significance of collaboration with countries like UK, which share our values and aspirations for a better future.

As a country, we want to enhance our exports of valuable goods and services to UK. It is admirable that the two countries already trade in food and beverages. However, I must admit that the global pandemic has hindered our trade partnership, leading to only modest progress. We must identify measures to expedite international trade and investment. I firmly believe that we have the potential to significantly boost the volume and value of various products, including those produced.

Ladies and gentlemen,

One of the many reasons to invest in our country is the fact that we have had political stability and peaceful elections since 1994. We emerged from a peaceful election and formed a Government of National Unity.

All parties in the Government of National Unity pledge to uphold the 10 fundamental principles of respect for the Constitution, non-racialism, social justice, human dignity, nation-building, peace and stability, accountability, evidence-based policy, professional developmental public service, and integrity. 

We further consider the following factors as key drivers for investing in South Africa: quality infrastructure and logistics, the largest presence of multinationals in Africa, a well-developed and diversified manufacturing base, a lucrative emerging market, favourable market access to the global market, an innovation and technology hub, abundant natural resources, Africa’s leading financial hub, a young labour workforce, and excellent quality of life.

Ladies and gentlemen,

South Africa has adopted the Economic Reconstruction and Recovery Plan, prioritising spending across infrastructure, providing employment stimulus to sustain jobs, and implementing measures to deepen local industrialisation. South Africa's Economic Recovery Plan is underpinned by a social compact between the government, business, and labour, as well as sector representatives.

In order to facilitate a rapid economic recovery, South Africa prioritised policies and initiatives designed to stimulate industrial development, such as Operation Phakisa and Operation Vulindlela. The Presidency and National Treasury initiated Operation Vulindlela, a collaborative effort to expedite the implementation of economic and structural reforms, thereby stimulating job creation and development.

Initiatives like this provide investors like yourself with opportunities to get involved in a variety of projects.

In terms of industrial growth, we are backing massive growth in local production to make South African exports more competitive.

A vital part of growing the industrial base is through the development of master plans for industries such as agriculture and agro-processing, renewable energy, and aerospace and defense. The securement of new investments announced at the annual South African Investment Conference further expands the industrial base.

To ensure the rapid expansion of energy generation capacity in South Africa, the government has announced various interventions. Eskom will divide into three distinct units for generation, transmission, and distribution.

The Department of Mineral Resources and Energy in South Africa has announced the procurement of an additional 6800 MW of solar PV and wind power through Bid Windows 5, 6, and 7. Future windows will provide an additional 3000 MW of gas and 513 MW of battery storage. The government has boosted private sector participation in energy generation by removing the 100 MW NERSA license threshold, a game-changing announcement for the industry.

Researchers have identified the hydrogen economy as a potential game changer for South Africa. The hydrogen economy is key to a just transition of the economy in 2050, with the potential to decarbonise various value chains and provide energy supply security. Investors are currently identifying various projects for potential future investments.

In addition to the investment opportunities in the energy space, South Africa wishes to explore cooperation for investment projects in sectors such as food technology, global business services, film, financial technology (fintech), and infrastructure in UK.

South Africa can benefit from UK’s expertise in the tech sector. South Africa is currently attracting a lot of back-office service operations from foreign companies. However, foreign companies from UK have been slow in relocating operations to South Africa. This engagement presents an opportunity to reverse this trend.

Regarding Fintec, UK possesses a substantial amount of capital that could significantly enhance South Africa's innovative Fintec sector. Furthermore, enhancing cooperation in the film space could benefit both countries' film industries. We urge UK to assist South Africa with the successful implementation of the projects, particularly the provision of requisite skills in these sectors.

Ladies and gentlemen,

There are real signs of early-stage entrepreneurial growth in SA, and there is already a lot of awareness of the potential partnerships and benefits to both countries.

Already, there are large numbers of foreign companies setting up service operations in South Africa. We're hoping to see more UK companies in our country.

Ladies and gentlemen,

South Africa and other African countries recently concluded the Africa Free Trade Agreement, which came into effect in January 2021. This agreement has created the world's largest free trade area, connecting 1,3 billion people across 55 countries with a combined gross domestic product value of US$ 3.4 trillion.

As South Africa, we are encouraging foreign companies to invest in South Africa and benefit from the free movement of goods, services, and people from South Africa to other parts of Africa. This is indeed a game-changer development for Africa.

Therefore, I encourage UK businesspeople to contribute to this development by establishing their presence in South Africa and conducting business with the rest of Africa from our stunning country, often referred to as a "gateway to the African market".

Ladies and gentlemen,

As you may gather from my address, South Africa offers several economic opportunities. I officially encourage UK businesses to visit our lovely country for business objectives as well as tourist to appreciate the beauty of our country.

I am confident that this visit will forge new partnerships, and unlock new opportunities for collaboration between UK and South Africa. Together, we can build a stronger, more prosperous future for our nations and contribute to the economic prosperity of our regions.

Let's work together to get the most out of our partnership and leave children and grandchildren a legacy of shared success and wealth.

I thank you.

Ministers, 
Leaders of the business community, 
Partners and friends, 

More than a year ago, we began a journey together to harness the potential of collaboration to address some of the most important challenges facing our country. 

Through this partnership, we have worked to mobilise the skills, talent, expertise and goodwill that exist in our country behind a single task: to grow our economy and create jobs. 

This evening is an opportunity to reflect on the progress we have made and to recommit ourselves to this joint effort. 

It is true, as Adrian Gore said, that economic growth lies at the heart of everything else that we seek to achieve as a society. 

If we can achieve more rapid growth, we will create jobs and reduce poverty. 

With more rapid growth, we can generate more revenue.

With this revenue, we can build more schools and hospitals.

We can employ more police officers, nurses, teachers and social workers. We can expand support for the most vulnerable in our society. 

During the Sixth Democratic Administration, we initiated a programme of far-reaching economic reform through Operation Vulindlela.

This was a Government-wide initiative to accelerate growth and address the binding constraints that have held back our economy. 

We are now seeing the impact of those reforms. 

Thanks to the work that has been underway, drawing on the efforts of all social partners, a new era of hope and promise is emerging. 

After several years of debilitating load shedding, we are finally turning a corner on the energy crisis. 

As a result of the steps that we have taken through the Energy Action Plan, we have experienced over 180 days without load shedding.

Reforms in the energy sector have unlocked hundreds of billions of Rand in investment, helping to address the long-standing shortfall in our electricity supply. 

Through the National Logistics Crisis Committee, we are making progress in stabilising and improving the logistics system to support our key export industries. 

We have embarked on a process of fundamental reform through the Freight Logistics Roadmap, enabling open access to the freight logistics network and introducing private sector participation in container terminals for the first time. 

We have also made real progress in strengthening our law enforcement agencies and reversing the effects of state capture.

This work is helping to entrench the rule of law and create a predictable environment for investment. 

We have doubled our efforts to remove our country from the FATF grey-list.

We are working together to rebuild the investigative and prosecutorial capabilities of the Hawks and the National Prosecuting Authority. 

Just in the past few months, I have signed several Acts into law to advance these reforms, including the Electricity Regulation Amendment Act, the Economic Regulation of Transport Act, and the NPA Amendment Act.

What these shifts demonstrate is that the actions we have taken as a country over the past five years are making a difference. 

Our partnership with business has played an essential role in supporting and accelerating this agenda for growth and jobs. 

Through Business for South Africa and the Resource Mobilisation Fund, business has provided resources and expertise to support the performance turnaround of key power stations, rail corridors and port terminals. 

We have seen the benefits of meaningful collaboration that brings together the strengths and capabilities of both the public and private sectors.

We have seen the impact of the deployment of engineers and project managers.

We have seen this collaboration in the return of units at Kusile, in the safety improvements on the coal line and in the establishment of a state-of-the-art forensic analysis centre. 

Our collaboration across the focal areas is enabling an environment for sustainable job creation. 

Through existing partnerships with business, such as the YES programme, we have been able to create over 155,000 work placements for unemployed young people.

Significantly, as much as 45 percent of these young people went into full time jobs after their internship. 

Roughly half of the companies represented here this evening have participated in YES. To double the impact of this programme, we call on the other half to participate.

Government has also developed SAYouth.mobi in partnership with Harambee, with strong support from the private sector. 

More than five million young South Africans are now registered on the SA Youth network. We urge companies to list their opportunities for employment and learning on this platform.

Finally, through the SA SME Fund, government and business have partnered to provide billions of Rands in funding to innovative start-ups and SMMEs.

These initiatives show that we can make a dent in our unemployment challenge by working together and leveraging our respective resources and capabilities.

A year into this partnership, we have much to celebrate and much to look forward to. 

We are launching the next phase of this partnership with a Government of National Unity that represents the strength in our diversity. 

As we approach the first 100 days of this Seventh Administration, the collaborative spirit among political parties and all social partners – and the drive to get things done – has been on full display. 

The Government of National Unity is fully committed to following through on the reform agenda and achieving more rapid and inclusive economic growth. 

We have a unique opportunity to work together through this partnership to place our country on a new trajectory. 

At the same time, we have much work ahead of us. 

The challenges in our freight logistics system continue to undermine economic growth and hinder our competitiveness. 

The constraints in our transmission network present a risk to much-needed investments in renewable energy. 

The rate of violent crime remains unacceptably high. 

Our unemployment rate is unsustainable. 

And yet, despite these challenges, we have never been more confident in our ability to overcome them. 

We have built credibility and trust by turning plans into action.

By turning commitments into reality. 

We must now increase our ambition even further.

We must reach even higher to achieve our shared goal of a growing and prosperous South Africa.

The actions that we are presenting this evening demonstrate the extent of our ambition.

These actions are focused. They are practical. And they are achievable.

This partnership between Government and business is part of a broader effort among all social partners to build and transform our economy.

We thank all those who have contributed their time, resources and support to this ground-breaking partnership. 

We call on those who have yet to participate, to join us in seizing this moment and unlocking our country’s true potential. 

Government and business have both undertaken to commit greater resources to achieve our national goal of inclusive growth and job creation. 

We have a window of opportunity to make real and rapid advances. 

That is why we need to ensure that we have the human, financial and other resources we need now to make a meaningful and lasting difference.

South Africa’s star is rising. 

It is up to all of us to ensure that this partnership becomes an essential part of a new era of unity, collaboration and prosperity for all. 

I thank you.

Programme Director;
Ministers and Deputy Ministers;
CEO the Standard Bank of South Africa Limited, Lungisa Fuzile;
CEO Corporate & Investment Banking South Africa, Zaid Moola;
Head of Investment Banking Africa Regions and International, Yewande Sadiku;
Ladies and gentlemen.

Many of those that I have worked with will comprehend when I say it is an honour to stand before you today to discuss the crucial role of infrastructure investment in South Africa. This has become a subject that is particularly dear to me, as I am of the opinion that infrastructure is the foundation of sustainable economic growth.

Infrastructure that is well-designed is essential for the efficient production and utilisation of products and services, as it reduces trade costs and enables economies of scale. It is a critical component of economic growth and development, which is essential for the improvement of living standards.

South Africa stands at a crossroads where infrastructure development plays a pivotal role in driving economic growth, fostering innovation, and improving the quality of life for its citizens. 

As we navigate through these challenging times, it becomes increasingly essential for the Standard Bank Group to harness opportunities in infrastructure investment and steer the country towards a sustainable future.

Infrastructure investment in South Africa presents a vast array of prospects across various sectors, including transportation, energy, water, and telecommunication. By leveraging our expertise and partnerships, the Standard Bank Group can actively contribute to these projects, creating jobs, promoting local business development, and enhancing overall connectivity within the region.

As Africa's largest bank by assets and the leading enabler of energy and infrastructure on the African continent. We urge the bank to remain committed to supporting the continent's energy transition.

South Africa has vast energy resources, including oil, gas, coal, and renewable energy sources, and with the right investment and expertise, the sector has the potential to unlock growth and improve the lives of millions of our people.

The Government plans to prioritise the investment in infrastructure through improvements in the infrastructure pipeline, the execution of that pipeline, and the financing thereof. Mobilising private sector resources to augment public sector capability and finances is necessary to fast-track the provision of infrastructure and improve effectiveness.

The Government has initiated various reforms to systematically crowd-in greater private sector participation to improve spending and delivery outcomes.

The South African Government has a huge financing gap for its infrastructure portfolio that could further require more funding. As reflected in the 2023/24 Budget Review, total infrastructure investment planned by the government over the next three years amounts to almost R943 billion.

The National Treasury is attempting to raise funding for the public sector infrastructure projects that are funded through the Budget Facility for Infrastructure (BFI) using blended finance instruments that include concessional financing from MDBs and development partner countries.

The MDBs and development partners have been invited to participate in the current BFI window and to also share their financing frameworks. The National Treasury is in the process of screening the projects that could potentially be funded. As the finance institution, we urge you to participate in funding some of the projects once the projects have been approved for BFI funding.

Ladies and gentlemen,

The transmission infrastructure is emerging as a significant bottleneck to the ability of the grid to incorporate additional renewable energy generation into the country’s energy supply. The investment community can play a crucial role in this space at the back of the reforms that the National Treasury is championing to crowd in the private sector in the funding framework for the grid.

The two prominent initiatives are the introduction of an Independent Power Transmission model and establishment of a Credit Guarantee Vehicle to derisk projects.

Moreover, the Cabinet in 2023 agreed for the private sector to compliment Eskom in speeding up investment in the transmission grid to meet the country's requirement of 14,000 kilometres of transmission lines in the next ten years.

The National Treasury, working with the Ministry of Energy and Electricity, Eskom, and other departments, are piloting an Independent Power Transmission (IPT) model to crowd in private sector investment in transmission infrastructure through a Build, Own, Operate, and Transfer (BOOT) model.

The Government, through the Independent Power Producer Office, is expected to go out to the market for tender at the end of this year.

The South African Renewable Energy (Just Energy Transition) Implementation Plan is a roadmap that aims to meet South Africa's decarbonisation commitments in a manner that delivers just outcomes for those affected by the energy transition and contributes to inclusive economic growth, energy security, and employment.

The Just Energy Transition (JET) Project Management Unit (PMU) in the Office of The Presidency has introduced a funding platform to facilitate funding from multiple sources and $11.596 billion (R221 bn) in international pledges into clean energy projects. It provides and supports the roadmap for Just Energy Transition Investment Plan (JET IP) implementation, convenes role-players and builds partnerships for JET IP delivery, guides sources of finance to address JET IP needs, and ensures transparent monitoring and evaluation of JET IP delivery and results.

The JET Funding Platform aims to accelerate grant deployment, but the implementation of the ACT has been delayed due to the Eskom debt moratorium and rescheduled decommissioning. The Government has deployed US$600 million in policy loans to support prior commitments in 2022.

The JET Funding Programme aims to stimulate private investment in renewable energy generation, skills development, and municipal capacity through a combination of international partnerships and targeted incentives from the public sector.

As South Africa navigates its energy transition, the role of State Owned Enterprise in the energy sector remains pivotal. The Government is committed to optimising the performance of these entities while ensuring alignment with national energy policies and sustainability goals.

Ladies and gentlemen,

It is crucial to acknowledge the challenges that come with infrastructure investment in South Africa. Issues such as regulatory hurdles, funding constraints, and skills shortages require innovative solutions and collaborative efforts to overcome.

As a leading financial institution, the Standard Bank Group is well-positioned to drive change and facilitate sustainable infrastructure development in the country. Through strategic investments, responsible financing, and a commitment to long-term growth, the Standard Bank Group can be a catalyst for positive change in South Africa's infrastructure landscape.

While important steps have been taken recently to make it easier to speed up private investment in energy generation, more needs to be done to fix the transmission grid's problems. This is especially important for South Africa's long-term energy security and energy sovereignty, as well as for meeting global decarbonisation goals and boosting the economy.

Transmission infrastructure is important for South Africa's green economy potential, job creation, and growth that is focused on industry. The Ministry of Energy and Electricity is in charge of making new Transmission Regulations so that the private sector can invest in the grid. Also, work is being done with the help of the National Treasury to set up an ITP pilot that will focus on connecting renewable energy in the Cape corridors.

The Government is also working with the World Bank, MIGA, and the IFC to make a blended finance Credit Guarantee Vehicle (CGV). This will help private investors who can't get sovereign guarantees for transmission projects. It is planned that the CGV will start running in the middle of 2026.

Ladies and gentlemen,

We have identified a gap in project readiness and preparedness for the market. Infrastructure South Africa received its first batch of money for project preparation in 2023. This has proven to be a game changer, as some projects have enormous potential but do not always have the necessary financial resources for technical help, legal support, or capacity building. 

Infrastructure South Africa uses project preparation financing to support initiatives that would otherwise go inactive for many years. It is worth noting that 37 projects are already receive project preparation assistance as part of the first R200 million tranche. 

As the Government of the National Unity, we are paying special attention to unlocking regulatory barriers that prevent projects from moving.

Infrastructure South Africa has played a role in infrastructure development and has contributed to some of the key achievements in the sector, and it is indeed one of the best accomplishments of this Government.

Ladies and gentlemen, we encourage you to obtain the South African Construction Book, which was formally released this year and provides a complete review of investment opportunities in the country's infrastructure industry. The book tells the tale of where we are going as a country, with the primary goal of providing stakeholders and investors with information about infrastructure projects projected in the market during the fiscal year 2024/25. It is available at www.sidssa.org.za and www.infrastructuresa.org.za 

Lastly, I would like to express my confidence in you as investors and funders to form more strategic partnerships with our continental brothers and sisters through us as gateway to Africa's market. The African Continental Free Trade Area agreement continues to serve as a vital platform for our continent's economic and cultural integration.

Transport infrastructure, in particular, is the cornerstone of regional economic progress, and South Africa aims to offer practical collaboration on bi-national projects that would boost the continent and its economy. By collaborating closely we can create a more resilient and inclusive infrastructure ecosystem that benefits everyone.

Finally, I urge the Standard Bank Group to exploit the opportunity afforded by infrastructure investment in South Africa. Let us embark on this road with a common goal of prosperity, sustainability, and advancement for our country. Our motto in the Presidency is the speed of execution, the cornerstone of getting things done. 

Thank you.

Programme Director;
The leadership of the London Stock Exchange, our host;
Ministers and Deputy Ministers from South Africa;

Ladies and gentlemen, distinguished members of the London Stock Exchange, it is an honour to address you today as we gather to discuss the immense opportunities for increased trade and investment between South Africa and the United Kingdom.

South Africa and the United Kingdom have a long history of trade and collaboration, forged by shared ideals and a desire for success. Today, as we approach a new era in global economies, it is critical that we grasp the opportunity to strengthen our bonds and explore fresh paths for cooperation.

The London Stock Exchange is at the heart of where ideas meet capital and become reality, with the flexibility to make connections and create real impact. It is a place where we want the South African companies to access London's markets to connect with investors, raise capital, and drive growth. In other words, we would want to see more South African firms list their shares in London.

As a nation, we want to improve our partnership with LSE in order to attract more investment and create an environment in which companies may prosper and generate employment for our citizens. Working together, we can create new possibilities for trade and investment that will benefit both economies. We must also collaborate to overcome the difficulties that exist in our different nations. We face obstacles like climate change, stagnant economic growth, poverty, inequality, and unemployment in South Africa.

These challenges necessitate greater political cooperation and the implementation of policies and measures aimed at improving our nations' economic situation. We assure you that South Africa is committed to reviving its economy, achieving noteworthy advancements in economic growth and development.

Following the general election, we have established the Government of National Unity (GNU), which brings together ten political parties to promote national unity and political stability. The GNU has been working tirelessly in unity, as instructed by voters, to address South African concerns.

The GNU will continue to boost our economic and bilateral ties, as it has been done for decades. As the incoming administration, we will continue to hold the United Kingdom in high regard, not just for historical reasons but also for the enormous potential for partnership and progress between our nations.

Through initiatives such as the Economic Reconstruction and Recovery Plan (ERRP), we are prioritising spending across infrastructure, providing employment stimulus to sustain jobs, and implementing measures to deepen local industrialisation. The Recovery Plan is underpinned by a social compact between government, business and labour, and sector representatives.

Operation Vulindlela (OV), a task team under The Presidency, is addressing the ongoing implementation of the existing structural reform that are needed.

Its successes include boosting investment in electricity generation and drawing up plans that are now being implemented to allow more private sector participation in the country’s freight-rail network.

Operation Vulindlela has already unlocked R500 billion in investment. According to the Stellenbosch-based Bureau for Economic Research, if the program's reforms take hold, economic growth may accelerate to 3.5 percent by 2029.

Ladies and gentlemen,

Today, I stand pleased because our nation has progressed in solving power challenges. Regular power outages are no longer an issue, and we have enjoyed continuous electricity supply since March of this year.

This demonstrates South Africa's commitment to creating an enabling environment for investment. However, it was not achieved overnight.

In July 2022, President Cyril Ramaphosa announced the Energy Action Plan, whose key interventions include: Fix Eskom and improve the availability of existing supply, Enable and accelerate private investment in generation capacity, Fast-track the procurement of new generation capacity from renewables, gas, and battery storage, Unleash businesses and households to invest in rooftop solar and Fundamentally transform the electricity sector to achieve long-term energy security.

Furthermore, Eskom announced the two-year Generation Operational Recovery Plan, the primary goal of which was to improve the quantity of electricity, known as the "Energy Availability Factor" (EAF), to 70% of the network's capacity. At the same time, Eskom restructured its leadership, which many see as a critical element.

Eskom has also been progressively adding alternative energy sources, such as wind and solar, to help address the energy shortage. Our objective is to transition away from fossil fuels and towards sustainable energy sources in accordance with global trends. However, we are doing it at a speed and in a way that is consistent with our country's growth path.

Additionally, South Africa is embarking on an ambitious Just Energy Transition (JET), which requires large-scale investment of approximately $100 billion from a range of both public and private sector sources, using a range of financing instruments.

To meet its emissions reduction targets and safeguard vulnerable communities and workers from transition risk, South Africa has a clear plan for the JET investments required.

JET's investment requirements and possibilities include renewable energy, electricity transmission and distribution infrastructure, green hydrogen, new energy vehicles, energy transition skills, and economic diversification. Private investment, public-private partnerships, and foreign partners are critical for South Africa to accomplish its JET goals.

Investors can be an important partner for South Africa as the energy sector undergoes a major transformation.

Ladies and gentlemen,

Let me take this opportunity to highlight that South Africa is among the top five African countries with the best infrastructure. Our objective is to be the leading nation with the greatest infrastructure to meet the demands of regular citizens and enterprises.

Infrastructure South Africa (ISA), the main force behind the National Infrastructure Plan (NIP) 2050, has done a tremendous deal of work, including resolving legislative and regulatory issues that obstruct investment and boosting investor confidence.

During March 2024, President Cyril Ramaphosa unveiled 12 major projects that the Department of Public Works and ISA are prioritising to attract investments. They include:

• The R2.1 billion liquid natural gas import terminal in KwaZulu-Natal.
• The R38-billion Durban Container Terminal (DCT Pier 1) project in KwaZulu-Natal.
• The R2.2-billion Berth A100 liquid bulk project here in the Eastern Cape.
• The R7.5-billion Ukuvuselela Rail Project between Gauteng and the Eastern Cape aimed at assisting car and component manufacturers and exporters.
• The R30-billion Eskom Mossel Bay gas project.
• The R35.8-billion Eskom Tubatse pumped hydro storage project.
• The R35.8-billion Rooiwal Phase 2 wastewater project in Tshwane

Our fiscal policy will continue to focus on providing a clear and stable macroeconomic framework that supports growth, implementing reforms that increase our economy's competitiveness, and prioritising investment in infrastructure through improvements in the infrastructure pipeline, its execution, and its financing.

The South African Government faces a significant financing gap for its infrastructure portfolio, which could potentially require additional funding. As reflected in the 2023/24 Budget Review, total infrastructure investment planned by the government over the next three years amounts to R943 billion.

The National Treasury is attempting to raise funding for public-sector infrastructure projects funded by the Budget Facility for Infrastructure (BFI) through the Budget Facility for Infrastructure Window, which includes concessional financing from the Multilateral Development Bank and development partner countries.

The National Treasury is currently screening potential funding projects. We urge financing institutions to participate in funding some of the projects once they receive BFI approval.

Ladies and gentlemen,

Let me conclude by highlighting that over the past years the countries have frequently collaborated politically in various multilateral organisations to advance shared ideals and objectives, including in the G20 and the United Nations Security Council (UNSC).

Most recently, during Prime Minister Starmer's call to President Ramaphosa on July 7, 2024, the two leaders reaffirmed their commitment to strengthening ties. President Ramaphosa aspired for more alignment with the United Kingdom at both the national and global levels, with South Africa's G20 presidency in 2025 being one such chance. The Prime Minister agreed that the G20 will serve as a venue for promoting common objectives in climate change, economic development, and inequality reduction.

We appreciate your support and would like to invite you to take advantage of the African Free Trade Agreement, of which South Africa is a member. The Free Trade Agreement is a high-level trade agreement that aims to gradually bring together all 55 African Union member states, covering a market of more than 1.3 billion people, with a comprehensive scope that includes critical areas of Africa's economy, such as digital trade, investment, and trade in goods and services, among others.

The AfCFTA aims to significantly increase intra-African trade, particularly value-added products and trade across all sectors of Africa's economy. Our unique position at Africa's doorway makes us an ideal partner for firms looking to expand throughout the continent. We always say to ourselves, we are a gateway to Africa.

Ladies and gentlemen,

I extend an invitation to the companies and investors in attendance today to investigate the prospects that South Africa presents. South Africa is prepared to work with you every step of the way, whether your goals are developing renewable energy, extending your market reach, or developing infrastructure.
In other words, we are open for business.

I thank you.

Programme Director,
Ministers and Deputy Ministers from South Africa,
Bloomberg Executive Members in attendance,
Distinguished guests,
Ladies and gentlemen,

Good morning.

It is an honour to be here today to be part of this Bloomberg Roundtable discussions. 

My delegation and I are here in the United Kingdom to build on the outcomes of the State Visit by President Cyril Ramaphosa in 2022, with a specific focus on how we can work together to ensure inclusive economic growth, address and respond to climate change challenges and the just transition; and ensure a balance and increase of trade between our two countries.

In a nutshell, our strategic objectives will therefore include:

• Identify new ways to grow the South African economy through the promotion of trade and investment between South Africa and the UK.

• Strengthening economic cooperation with the UK in support of the Government’s strategic priorities, specifically:

a) advancing inclusive and sustainable economic growth; and
b) addressing poverty and the high cost of living.

• Strengthen our bilateral partnership in a number of sectors, but specifically in terms of trade, investment, skills development, science, innovation, tourism, and the Just Energy Transition. 

Ladies and gentlemen,

All of these major sectors aim to advance the Government of National Unity’s strategic priorities of achieving sustainable economic growth, alleviating poverty and the high cost of living, and developing an ethical, capable developmental state.

Speaking of GNU, it was chosen by our voters. Our people voted for us to collaborate to achieve their goal of creating better employment opportunities and equal economic growth in all facets of society. 

The GNU, which is comprised of 10 parties, is working together to ensure that we do not derail our efforts to reform society for the better. It is the best tactical option for us to move the country ahead, putting our differences aside for the benefit of our great nation. 

Today, we are here to assure those who have invested in our country and those who intend to invest in South Africa that the GNU is working together to create a conducive environment for businesses to strive. 

The GNU will continue to strengthen our trade and bilateral relations as it has been for many decades. As the new Government, we will continue to hold the United Kingdom in a special place in our hearts, not only due to our historical ties but also because of the immense potential for collaboration and growth that exists between our two countries. 

By fostering stronger trade and investment relationships, we aim to create a win-win situation for both nations that will bring economic prosperity and stability.

Ladies and gentlemen,

We are aware that both countries are in a crucial juncture in our respective economic development. We are both facing various challenges impacting on our stagnant economic growth due to a number of reasons, including the effects of the COVID-19 pandemic and the energy crisis, and the Russia-Ukraine war. 

South Africa is committed to reviving our economy and in this regard, we have made notable progress in terms of economic growth and development. 

Through initiatives such as Economic Reconstruction and Recovery Plan (ERRP), we are prioritising spending across infrastructure, providing employment stimulus to sustain jobs and implementing measures to deepen local industrialisation. South Africa’s Economic Recovery Plan is underpinned by a social compact between Government, business and labour, and sector representatives.

We urge the UK businesses to deepen their investment ties with South Africa as we aim to accelerate our walk on the path to recovery. We assure the investors that investments in South Africa are secure. Our business environment is stable as is the political environment and this is supported policy certainty and regulatory safeguards.

As Government, we have also taken a path to focus on the discipline of execution, through the sustained implementation of the existing structural reform plans being addressed by Operation Vulindlela 'clear the path' (OV), a Task Team in The Presidency.

Its successes include boosting investment in electricity generation and drawing up plans that are now being implemented, to allow more private participation in the country’s freight-rail network and reform its byzantine work permit regime.

Operation Vulindlela has already unlocked R500 billion in investment. According to the Stellenbosch-based Bureau for Economic Research, if the reforms implemented under the programme take hold, economic growth may accelerate to 3.5 per cent by 2029. 

We have also implemented measures to deal with load shedding which have already showed results. As part of a comprehensive restructuring process we are unbundling utility into three distinct companies of transmission, distribution, and generation.

As the world and South Africa address climate change and the critical need to lower emissions and move towards a just transition, we have a successful Renewable Energy Independent Power Producer Procurement Programme. This has attracted over R209 billion in investment and added much-needed capacity to our electricity grid.

We invite you to come and invest in the renewables as such, a system for private sector investment is in development. We are expediting funding for investment-ready projects in all areas of the just energy transition.

Since local mineral beneficiation can boost employment and development, we also concentrate on local beneficiation strategies for the South African minerals sector. Therefore, a cooperation focused on key minerals would turn the extractive industry into a mutually beneficial strategic economic cooperation. 

Collaboration with the UK government is crucial in achieving our goals of building an inclusive economy. The UK has a long history of economic development and innovation, and we can learn a great deal from your experiences. 

By working together, we can achieve much more.

As a country, we are also looking at expanding our investment in the UK because we consider you to be a major economic powerhouse with a diverse and dynamic market that offers numerous opportunities for our businesses to expand and thrive. We want to unlock new avenues for growth and development.

By strengthening our trade ties with the UK, we hope to diversify our export markets, reducing our dependency on a single market and making our economy more resilient to external shocks. This will not only benefit our businesses, but also contribute to the overall economic growth and stability of both our nations.

Furthermore, enhancing our investment relationship with the UK will open up new sources of funding and expertise that can support key sectors of our economy, such as infrastructure, manufacturing, and technology.

By working together, we can leverage each other's strengths and resources to promote economic growth, create job opportunities, and improve the standard of living for all our citizens.

We are committed to fostering a strong and mutually beneficial relationship with the UK government, based on shared values of democracy, freedom, and economic prosperity. Together, we can overcome the challenges that lie ahead and build a better future for our nations and our people.

Our visit to the UK is a testament to our commitment to building strong and mutually beneficial partnerships that will drive sustainable growth and prosperity for both nations. By working together, we can unlock the full potential of our commercial ties and create a brighter future for our citizens.

In conclusion, I want to reiterate our commitment to building an inclusive economy in South Africa and to strengthening our collaboration with the UK government. Together, we can create a brighter future for all our citizens and ensure that our economies continue to grow and thrive.

Thank you for your attention, and I look forward to working together with all of you in achieving our shared goals.

I thank you.