India an increasingly important partner for SA, Ramaphosa says
President Cyril Ramaphosa has hailed India is an important partner for South Africa in the changing global economy.
Ramaphosa made the remarks at an India-South Africa business leaders’ forum on the sidelines of the BRICS Nations Summit in New Delhi on Saturday.
The heads of state for Brazil, Russia, India, China, and South Africa are meeting this weekend to discuss trade and strengthen diplomatic ties.
The bloc has since expanded to include Iran, Egypt, Ethiopia, Saudi Arabia, the United Arab Emirates, and Indonesia, alongside several partner countries.
Ramaphosa said South Africa is open for business and is implementing reforms to attract investment and reduce the cost of doing business.
More than 150 Indian companies have invested over 10 billion U.S. dollars in South Africa, creating up to 18,000 jobs.
"We are meeting at time when the global economy is undergoing a number of changes and transformations. Supply chains are being reconfigured, while industrial policies are being reshaped by developments such as artificial intelligence, climate change and the transition to new energy sources,” Ramaphosa said.
"Digital technologies are also transforming industries, making India an increasingly important partner for South Africa."
Ramaphosa told India's leading business community that South Africa is undergoing major economic reforms aimed at reducing the cost of doing business and improving the country's investment environment.
"South Africa has emerged from more than a decade of electricity shortages and is now entering a new era of investment and competition," he added.
The President said government is also working to revive the country's freight rail system and ports, while addressing other infrastructure challenges that have constrained economic growth.
South Africa has embarked on the largest infrastructure investment programme in the country's history, with government planning to invest up to R1 trillion.
Ramaphosa said the country's credit-rating outlook has improved, inflation is trending downwards, and government is working to stabilise national debt.
