Remarks by President Cyril Ramaphosa at the South Africa - Austria Business Forum, Tshwane 

Programme Director,
Your Excellency President Van der Bellen,
Vice President of the Austrian Federal Economic Chamber, Ms Martha Schultz, 
Minister of Small Business Development, Ms Stella Ndabeni,
Ministers,
Ambassadors,
Business and industry leaders,
Distinguished guests,
Ladies and gentlemen,

It is my pleasure to address the South Africa-Austria Business Forum at this important time, as we seek to further deepen economic ties between our countries. 

Austria and South Africa enjoy strong bilateral trade and investment relations spanning energy, industrial technology, pharmaceuticals and vocational training.

Bilateral trade between South Africa and Austria has been steadily increasing.

A number of leading Austrian companies are involved in South Africa, through direct investments, distribution and sales offices, or in projects and other services.

There are many more opportunities for investment by Austrian companies in South Africa.

There are opportunities in areas such as renewable energy generation, agro-processing and component manufacturing opportunities. 

There are also opportunities in critical minerals beneficiations, pharmaceuticals, technology and innovation, among others. 

South Africa has shown signs of recovery from its economic challenges.

Our electricity supply has improved. Inflation has shown signs of moderation. 

We have embarked on a massive infrastructure drive, with key investments concentrated in energy, transport and logistics, water and sanitation, and digital infrastructure. 

We established an Infrastructure Fund to leverage blended financing from private investors and multilateral development banks. 

The Fund has a pipeline of projects in water, sanitation, energy, transport, digital infrastructure, agriculture, agro-processing and housing.

We are on course to complete the transformation of our energy and logistics sectors to make them more efficient and competitive. 

More rapid and inclusive growth will be driven by the country’s advantage in the green and digital economy.

South Africa has developed a regulatory framework to harness the potential of the hydrogen economy.

South Africa is actively developing an industrial plan to support the growth of electric vehicle and battery production. 

The plan includes incentives for manufacturers, investment in charging infrastructure and localisation of components. 

We have a supportive and enabling industrial policy.

This policy involves the expansion of special economic zones and harnessing the potential of the African Continental Free Trade Area. 

Our special economic zones offer an internationally competitive value proposition with an attractive suite of incentives.

These special economic zones are located across the country, each with unique offerings for investors.

The African Continental Free Trade Area will remove trade barriers and unlock opportunities for trade and investment for local and global businesses.

It will drive a wave of industrialisation and create dynamic regional value chains. 

This presents opportunities for Austrian businesses and investors. It opens up new markets for their goods, products and services. 

South Africa is an anchor for regional value chains in the continent.

Our manufacturing sector sources inputs from many countries in the region. 

These are then exported as final products to foreign markets. 

The far-reaching structural reforms we have implemented over the past six years have opened up the country to increased levels of investment. 

This is evident in the renewable energy sector, which has attracted significant investment following reforms in the electricity regulatory environment.

South Africa has significant reserves of critical energy transition minerals as we position ourselves to be at the forefront of the green energy revolution. 

We hold the world’s largest reserves of platinum group metals, giving us a competitive advantage for the production of sustainable energy technologies.

South African businesses are also eager to explore opportunities in Austria, an economy that offers EU single market access, has high purchasing power and is a stable, innovation-driven economy.

There is high demand for our agricultural products in the EU, including high-quality South African wines and speciality foods like rooibos. 

South Africa’s network of eco-certified producers continues to grow and can tap into opportunities in Austria in the organic and sustainable food production markets. 

South African mining, mineral processing, automotive and other manufacturing sectors are eager to link into Austrian supply chains and increase value-added exports.

With Austria investing heavily in renewable energy, there are many opportunities to explore in green hydrogen production, hydrogen storage and green transition technologies. 

We want to see more Austrian tourists coming to South Africa and more South Africans visiting Austria. We are particularly keen to explore eco, sports and heritage tourism. 

Earlier today we signed a Memorandum of Understanding in the field of technical and vocational training. 

We want to learn from Austria on how to achieve the delicate balance between building the workforce of the future and growing the skills needed by the economy today.

As the South African government, we have consistently affirmed the importance of collaboration with the private sector to drive economic growth and job creation.

By working together with all social partners, we have embarked on a new era of growth, progress and inclusive, shared prosperity.

I am confident that the engagements, discussions and networking sessions from this forum will yield great benefits for both South African and Austrian companies. 

Once again, I thank you all for joining us here and for your continued interest in South Africa. 

We will continue to support Austrian investors and partners in unlocking the great value in our country.

Over many years, we have built a firm foundation for mutually-beneficial cooperation.

It is clear from this Business Forum that there are abundant opportunities for even greater partnership, progress and shared prosperity.

I thank you.