Addressing delegates on the sidelines of the Association of Southeast Asian Nations (ASEAN) and East Asian summits, President Cyril Ramaphosa said South Africa is the continent’s most industrialised economy with a strong financial system and an attractive base for firms seeking African market access.

ASEAN is a regional bloc formed to promote economic co-operation, political stability, and regional integration among its members. The organisation provides a major diplomatic and commercial forum in Southeast Asia and convenes regular summits and ministerial meetings that link the region with external partners.

Engagement with ASEAN gives South Africa access to a market and governance model many countries in the region have used to attract investment and upgrade industry.

Ramaphosa outlined measures intended to improve the investment climate, including cutting bureaucracy, reforming visa procedures to ease talent entry, raising education standards to supply skilled workers, and continuing reforms of state-owned enterprises.

Ramaphosa identified priority growth areas for foreign capital such as renewable energy, artificial intelligence and electric vehicles while pointing to South Africa’s mineral and food sectors as comparative strengths.

Concluding his remarks Ramaphosa said the government is focused on enabling an investable market where companies can invest with confidence and where investments will be safe.