Programme Director
Prime Minister of Zimbabwe
Minister of Economic Planning and Investment Promotion
Minister of Mines and Mining
Minister of Finance
Minister of State
Minister of Trade and Industry of South Africa
High Excellency the Zimbabwean Ambassador to South Africa
High Excellency the South African Ambassador to Zimbabwe
Distinguished Guests
Ladies and Gentlemen
We gather here today at the time when the global economy, particularly the European and American economies, is in an unhealthy state. This has placed many countries in a very precarious position. Countries such as Greece, Portugal, Italy and others are on the brink of serious economic crisis with far reaching implications for the entire world.
However, the bleak economic prospects also hold opportunities and lessons that many developing countries can exploit and learn from at the same time.
There is an opportunity to vigorously interrogate and even review if need be the structural arrangements that perpetuate dependency and underdevelopment of the so- called Third World economies. There is also an opportunity to strengthen continental trade relations which can lead to growth and development particularly amongst the African community. As a continent, we stand a chance to shun the pitfalls and other economic entanglements seen in Europe and America by instituting austerity measures and policies that will encourage investment, growth and development.
Although Africa still suffers from the entrapment of colonial relics which seek to encourage pseudo divisions of the continent along Francophone and Anglophone lines, the prospects for hope are emerging. Africa is showing promising signs of a waking giant. The political and economic landscape of Africa depicts a continent that is beginning to appreciate its potential and strength.
Lately, Africa is experiencing reasonable levels of stability and tolerance. In fact the tenets of democracy and good governance are being entrenched in many African states which bode very well for economic development and growth. The decline in incidents of cross-border strife and conflicts have boost Africa's economic fortunes thus experiencing growth of 5.7% making her one of the world's fastest growing regions.
So the significance of this conference especially for the Southern African region cannot be downplayed. It is even more significant if we consider the historical and economic ties that Zimbabwe and South Africa share. Ours is a relationship similar to the one of the Siamese twins. In a lighter note, it is a relationship made and sealed in heaven.
While the conference is the platform for Zimbabwe to showcase investment opportunities in various sectors, it is equally an opportunity for our entrepreneurs and investors to learn and share experiences with their Zimbabwean counterparts that will advance the interests of both Siamese twins. Especially if we consider that South Africa remains one of Zimbabwe's largest trading partner. We enjoy the benefits of numerous bilateral agreements such as the Bilateral Investment Promotion and Protection Agreement ensuring protection of investments made by nationals of both countries.
Ladies and gentlemen, distinguished guests
You are gathered right in the heartbeat of South Africa, Johannesburg in Gauteng, the Smart Province. Although Gauteng is the smallest province in land size with high concentration of population numbers, it remains the economic engine of South Africa. Gauteng as a Global Competitive City Region is positioning itself in a manner that will entice and encourage trade and business relations with countries in Africa. We are developing policies and programs that will make doing business in Gauteng an unforgettable and pleasant experience for all entrepreneurs.
The recent findings of the Territorial Review of the Gauteng City Region conducted by the Organisation for Economic Cooperation and Development, benchmarked against over 100 city regions in the world, indicate amongst others the following:
- Over the 1995-2008 period, the Gauteng City-Region's economy grew at an annual average rate of 3.6%.
- Gauteng's contribution to national GDP is 34%, 7.9 times larger than the Organisation for Economic Co-operation and Development (OECD) metro-region average which is above Tokyo's share of Japan's GDP or Paris' contribution to the French economy.
- For every 1% increase in the share of the country's population in the province, 1.6% is added to Gauteng's contribution to national GDP. This implies higher productivity than in other parts of the country.
- In 2009, 41.7% of all tertiary degrees in the country were conferred in the Gauteng City-Region.
- A spatial analysis of poverty indicates a high, but decreasing level of economic segregation in the Gauteng City-Region. Gauteng's concentrated poverty rate (i.e. the rate of poor living in high-poverty neighbourhoods) stands at 38.6%. This compares to 25% in New York and 31% in Washington.
Distinguished guests
This shows, for any serious investor and entrepreneur, that Gauteng is well poised to be the destination and partner of choice for any business. Gauteng is endowed with the necessary infrastructure that can contribute to the growth and development of South Africa and Africa in general. We see ourselves as playing a positive role in turning Africa into a roaring giant that the world will respect as an equal partner in the affairs of the globe.
It is in this context that I would like to welcome all of you to the home of Cradle of Mankind, where it all starts. I welcome you to the Province of warm and loving people whose hospitality knows no bounds. I invite you to find time in your busy schedule to go out and explore the beauty that Gauteng has to offer.
I hope this conference will prove to be very enriching and assist in producing invaluable business transactions that will in the long term improve the economic conditions of both South Africa and Zimbabwe and their people.
Dankie, Ngiyabonga.
Xoli Mngambi
Cell: 082 373 1146
