Remarks by President Cyril Ramaphosa during the Ivorian-South Africa Economic Forum, State Visit to Côte D’Ivoire

Programme Director 
Prime Minister Patrick Achi
Honorable Ministers,
Business Leaders,
Ministers and Deputy Ministers of both our countries 
Ambassadors of both our countries 
Distinguished Guests,
Ladies and Gentlemen,
 
Thank you for the opportunity to address this important business forum taking place during our first State Visit to Côte d’Ivoire.
 
I am pleased to be accompanied by a strong business delegation.
 
These business leaders are extremely keen to trade with, and invest in, Côte d’Ivoire, one of our continent’s most robust economies.
 
Côte d’Ivoire is a strategic trading partner for South Africa, and there is tremendous potential to further increase trade in value-added products between our two countries.
 
If we work together, we can fully reap the benefits of the African Continental Free Trade Area.
 
Having greater and direct access to each other’s markets is a catalyst for investment.
 
From a host of small fragmented markets we want to build one large single African market.
 
In this way our companies can achieve economies of scale, lower production costs and achieve global competitiveness.
 
This will foster economic growth, employment creation and improved standards of living for the people of our two countries.
 
South Africa continues to promote an approach to regional cooperation and integration that seeks to correct any inherent trade imbalance and lack of intra-Africa investment.
 
Our further growth, both as South Africa and Côte d’Ivoire, lies in economic diversification.
 
We have to transform from being only exporters of raw materials, which makes us vulnerable to fluctuating global commodity prices. 
 
We need to build industrial and manufacturing capacity in each other’s countries. 
 
To get there we have to invest in infrastructure development, in roads, rail, ports and telecommunications.
 
We also have to look at the removal of regulatory barriers that have a negative impact on movements of goods and services.
 
It is only through such measures that we can reduce the cost of doing business in our economies and place the continent on a new growth trajectory.
 
The pandemic has negatively affected our economies and our efforts to improve the living standards of our people. 
 
However, Africa is resilient in value-added products that both countries can trade in, such as machinery, vehicles, base metals, plastics and vegetable products.
 
We must create an enabling framework around economic and technical co-operation that facilitates the promotion of bilateral trade, industrial development, technical capacity-building and infrastructure development.
 
Côte d’Ivoire is a very attractive investment and trade destination for South African companies.
 
The country has abundant agricultural and natural resources and a stable political climate.
 
As just one example, there are huge opportunities for investment in renewable energy.
 
South Africa has a number of investment projects in Côte d’Ivoire.
 
Our state owned Export Credit Insurance Cooperation has covered infrastructure-related projects to the tune of US$ 53.5 million and there is an opportunity to do more.
 
Another South African company, as part of a public private partnership, has been hard at work here in the green energy sector with the potential to create jobs and clean energy in Côte d’Ivoire.
 
This initiative receives considerable support from the South African government.
 
The two countries need to better understand each other’s respective business and regulatory environments and business cultures.
 
This will ensure that we take full advantage of the opportunities provided by the fraternal relations between our two countries.
 
I believe that or economic cooperation with our sisters and brothers in Côte d’Ivoire will contribute significantly to economic development in our respective countries.
 
Given our respective capabilities, we have a lot to offer each other.
 
We look forward to greater cooperation in our bilateral economic engagements and in the implementation of the AfCFTA.
 
We look forward to forging new partnerships and exploring new opportunities.
 
I thank you.