SA businesses encouraged to invest in Africa

President Jacob Zuma says 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

President Jacob Zuma has encouraged South African businesses to invest in Nigeria and the continent to promote intra-Africa trade.

“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.

The president 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 on Tuesday.

The forum is as a result of Nigerian President Goodluck Jonathan’s two-day state visit to South Africa that kicked off on Monday.

Jonathan was accompanied by a high-level delegation of cabinet ministers, governors of state, business and senior government officials.

Zuma said the two countries which are leading economies on the continent need to work together to complement each other and to push an African agenda that 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.
Jonathan also emphasised that it is imperative that the two 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 on Tuesday, Nigeria and South Africa signed nine agreements and memoranda of understanding.