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South Africa Retains Its Status as Africa’s Preferred Investment Destination
President Ramaphosa reaffirmed South Africa’s position as the preferred investment destination in Africa during a speech at the Procter & Gamble Plant launch in Gauteng. He stressed the country’s role as a vital gateway to business opportunities and markets across the continent. Procter & Gamble currently exports from South Africa to neighbouring countries, showcasing the value of intra-African trade.
According to SANews, the African Continental Free Trade Area, now in progress, is expected to enhance export markets, strengthen industrial bases, and improve regional value chains, reducing costs and improving business operations throughout Africa.
The President commended Procter & Gamble for its longstanding partnership with South Africa, mainly through the South Africa Investment Conference, where the company has consistently announced new investments. Their contributions support the reindustrialisation of South Africa’s economy.
President Ramaphosa emphasised the need to diversify supply sources, especially in light of disruptions caused by COVID-19 lockdowns. South Africa’s ability to attract higher levels of investment was highlighted.
Also read: South Africa Targets $111 Billion Investment Goal Amid Tough Investor Climate
While investments typically take time to materialise, the commitments made thus far have already led to substantial investments and job creation. Procter & Gamble has demonstrated its commitment to local sourcing, waste reduction, skills development, and involving more South African businesses in its value chains.
The President also acknowledged the company’s efforts to expand access to menstrual hygiene products and support Early Childhood Development centres. He pledged government support to increase Procter & Gamble’s local footprint further, boosting job creation, technological development, and sustainability.
In conclusion, President Ramaphosa congratulated Procter & Gamble on the launch of the production line and commended the company for its ongoing investments to expand its presence across the African continent. Procter & Gamble’s efforts align with the vision of African producers supplying quality goods to African and global markets, positioning the continent as a major international production hub.
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Picture: Facebook / South African Government News
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