Johannesburg - South Africa's growth depends on the development of
the rest of the continent, the Public Investment Corporation (PIC) said
Friday.
"South Africa's growth depends on the development of
the rest of the continent; therefore it is important that we start
looking at investment opportunities for South African businesses in the
rest of the African continent," said PIC CEO Elias Masilela.
He said the continent had moved from hopeless to rising
star, rapid growth, a stabilising political landscape and improved
governance.
"This is in addition to Africa being rich in natural
resources. There's also a greater recognition for the need for regional
co-operation."
Masilela was addressing a business forum hosted by
Nedbank in partnership with the Business Foundation of the New
Partnership for Africa's Development (Nepad).
He said the PIC, South Africa's largest asset manager,
had launched its strategy this year to expand its investment portfolio
in Africa.
Launched in April, the forum brings together business
leaders who gain insights from practitioners in the public and private
sector about political-economic realities that affect African and South
African businesses on the continent.
The need for intra-Africa trade is increasing as the
continent's biggest trading partner, Europe, is under severe economic
pressure.
Currently, trade among African countries stands at 12%.
"The objective of the forum is to provide an in-depth
understanding of political-economic nuances that companies need to
understand, design strategy around and implement, if they intend to be
successful in doing business on the continent," said Stanley Subramoney,
chairman of the Nepad Business Foundation.