President Jacob Zuma says South Africa will continue to encourage the South African private sector to invest in the Nigerian market and the continent as a whole as part of promoting intra-Africa trade, a directive of the African Union. President Zuma was addressing businesspeople at the South Africa-Nigeria Business Forum that was hosted by the Department of Trade and Industry (the dti) in Cape Town today.
“The measures put in place to support outward investments by local companies include the relaxation of cross-border financial regulations and tax requirements on companies. Similar measures will also apply to foreign companies wanting to invest in African countries using South Africa as their regional headquarters,” said President Zuma.
He added that South Africa and Nigeria, as leading economies on the continent, were expected to play a meaningful role in seeking solutions to Africa’s challenges. He said the two countries need to work together and complement each other, to push an African agenda which puts regional economic integration, economic and infrastructural development at the forefront.
“South Africa and Nigeria must complement each other and ensure that the success of the two economies contributes visibly to the ultimate goal of a successful and prosperous continent,” he said.
Pledging the South African and Nigerian full government support to businesses from both countries, President Zuma urged businesspeople to invest in the continent, and more directly, in South Africa and Nigeria and boost African growth and development.
Speaking at the same event, Nigerian President Goodluck Jonathan also emphasised that it was imperative that Africa’s two biggest economies work together for the good of the continent.
“Nigeria and South Africa must come together, must work together to help the continent of Africa.
Earlier, the two governments signed agreements and memoranda of understanding.
Enquiries:
Sidwell Medupe, Departmental Spokesperson
Mobile: 079 492 1774
Tel: 012 394 1650
E-mail: MSMedupe@thedti.gov.za
