SA leader eyes German investments to boost economy

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Pumza Fihlani

South Africa’s President Cyril Ramaphosa is hosting German Chancellor Angela Merkel in the capital, Pretoria, for a business summit.

Ms Merkel is accompanied by officials and members of the private sector looking to identify investment opportunities in the country.

South Africa is Germany’s largest trading partner on the African continent, with approximately 600 companies already in the country.

The country’s exports to Germany – mainly of machinery and equipment parts – exceeded 100bn rand ($6.7bn; £5.2bn) for the first time last year.

Mr Ramaphosa, an astute businessman, campaigned last year on a ticket of “jobs and economic growth” and he is under pressure to deliver on those election promises.

It’s a tall order as the country’s economy is struggling to meet growth targets.

With a return of power cuts in the last couple of months, some major companies have announced job cuts in a bid to remain profitable.

And in a country where nearly 30% of the population is unemployed, many will be hoping these talks will lead to tangible results.Article share tools