Opening remarks by Deputy President Shipokosa Paulus Mashatile at the Citi Bank South Africa Macro Trip Donner, Saxon Hotel

Programme Director; Head of Equity Sales at Citi, Sibongile Mbongo;
Citi Chief Commercial Officer, Peter Taylor;
Ladies and Gentlemen,

Good evening,

Allow me to begin by apologising for not honouring the recently organised working visit to the United Kingdom which also included a session with the investors hosted by Citi Bank. 

In a discussion with Citi Bank, my office agreed that we meet this way to converse about where we are as a country in the global context. 

You may be aware that our country, as part of its contribution to a peaceful world, has been involved in finding lasting peaceful solutions to the Russia-Ukrainian conflict. 

We have always taken a non-aligned stance because we are a nation that believes in dialogue and consensus-building. We oppose war! 

Ladies and Gentlemen, you are equally aware that we hosted a successful 15th BRICS Summit with its expansion representing new economic frontiers. It also represents an opportunity to appreciate the need for us to engage beyond the current global configurations, without undermining existing ones, hence, the recent hosting of AGOA, which remains a strategic platform for advancing our economic goals as a country, and Africa more broadly. 

Regarding some of your concerns on geopolitics, I maintain the contrary view that our relations with the United States have not deteriorated as you have suggested. 

South Africa will remain a key partner of the United States of America, and we will continue to engage in dialogue to find solutions in areas such as health, education, and the economy. The 20th African Growth and Opportunity Act (AGOA) agreement, which requires AGOA reauthorization before 2025, demonstrates strong trading relations between the U.S. and Africa.

The government is ready to collaborate with the Citi Bank on digital economy, trade facilitation, value chain development, and AGOA-related issues. 

We are committed to maintaining a stable macroeconomic environment, emphasizing fiscal restraint, low inflation, and a resilient financial sector, while also aiming to expand AGOA benefits to more African countries through the African Continental Free Trade Area agreement. Building connections with all countries that are founded on mutual respect and common interests is something we believe in and the AfCFTA serves as an effective mechanism to foster such links.  

Our approach to issues of the economy, trade, and politics has been one that puts our people first. We are therefore grateful that despite the investor roadshow being postponed in the UK, you have agreed to come and dialogue with us on critical issues to improve trade and investments in imports and exports.

I am aware that you are worried about the energy availability factor, logistics and freight, and visa regulations. These are high on our agenda. Despite the appointment of the CEO of Eskom, we are moving with speed to ensure that energy is available by bringing the private sector to invest in energy through Eskom. 

We are also working toward the unbundling of Eskom into three components so that we ensure energy availability. We are equally working on resolving the challenges at our ports, including sorting out the speed of movement of goods in our ports. 

I have recently returned from China where I have started the talks with relevant partners as mandated by President Cyril Ramaphosa to hasten the developments in this area. 

The concerns you have brought up are significant, and as a government, we are diligently working towards resolving them. We are certain that through partnerships with the private sector, we are better positioned to address some of the obstacles that exist. We thus value your input and encourage an open dialogue as we navigate through these challenges together. 

We have also met with the relevant stakeholders to understand the challenges concerning the visa application process, and I will be having a follow-up with the relevant Ministers to fast-track the processing of visas, especially for investors and other specialised skills. 

Our intention here is to foster relationships and engage in conversation about how we can partner in making South Africa an even more attractive investment destination. 

Together with the private sector we have already established joint oversight committees on all of these issues to find lasting solutions. 

We believe in the capacity of all of us hence we will continue to work with the private sector to find lasting solutions to improve trade and investments. 

Thank you.