Investing in infrastructure, ICT in Africa

Deputy President Cyril Ramaphosa
Deputy President Cyril Ramaphosa

By– SAnews.gov.za

Pretoria – Deputy President Cyril Ramaphosa has told potential investors at the World Economic Forum (WEF) on Africa that positive returns on investment are almost guaranteed in the infrastructure and ICT sectors in South Africa and Africa.

Deputy President Ramaphosa was speaking, on Thursday, at the World Economic Forum on Africa (WEF Africa) 2016 in Kigali, Rwanda.

Deputy President Ramaphosa participated in a session on how innovative partnerships can bridge financing gaps for economic and social infrastructure.

The Deputy President is leading Team South Africa – comprising several Ministers and business leaders – at WEF Africa where deliberations are taking place under the theme “Connecting Africa’s resources through digital transformation”.

Deputy President Ramaphosa and his delegation have reassured investors at the Forum that South Africa is open for business and is a preferred investment destination.

He told a Forum session on infrastructure development that “infrastructure has been a key economic driver in South Africa and in the region” and that in South Africa, the coordination of infrastructure development through the Presidential Infrastructure Coordinating Commission had “paid great dividends”.

“Investment in infrastructure has stimulated economic activity; therefore there are returns to be made for investors in infrastructure in South Africa and Africa.

“Infrastructure is better done when approached at a regional level, because our countries are inter-linked through the movement of people and trade,” said Deputy President Ramaphosa.

He added that South Africa had found innovative ways of partnering with the private sector, especially in energy, and that this had opened new opportunities for private sector investment.

He also encouraged investment in connectivity through technology and digital solutions, saying that this should be a priority for African economies.

This morning, Deputy President Ramaphosa will participate in a high-level breakfast on the Internet for All Initiative which aims to develop new scalable and replicable models of public private collaboration to accelerate internet access globally.

In this session, Heads of State and leaders from multilateral organisations and business will discuss the progress of the first country pilot programme in the Northern Corridor and deliberate the next steps.

Team South Africa includes Ministers Pravin Gordhan, Rob Davies, Siyabonga Cwele, Ebrahim Patel and Jeff Radebe. The business delegation includes Eskom, the Industrial Development Corporation, Old Mutual, ArcelorMittal and Business Unity South Africa.

WEF Africa concludes later on Friday.