{"id":244985,"date":"2022-12-07T13:49:14","date_gmt":"2022-12-07T11:49:14","guid":{"rendered":"https:\/\/www.myza.co.za\/partnerships-key-to-africas-economic-growth\/"},"modified":"2022-12-07T13:49:14","modified_gmt":"2022-12-07T11:49:14","slug":"partnerships-key-to-africas-economic-growth","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/partnerships-key-to-africas-economic-growth\/","title":{"rendered":"Partnerships key to Africa’s economic growth"},"content":{"rendered":"
<\/div>\n

Trade, Industry and Competition Minister, Ebrahim Patel, says partnerships with international countries are key to boosting African economies’ upward trajectory.<\/p>\n

The Minister was addressing the German-Africa Business Summit, held at the Sandton Convention Centre, in Johannesburg, on Wednesday.<\/p>\n

The bi-annual summit brings together business and government leaders from Germany and Africa to promote economic relations between the country and the continent.<\/p>\n

Patel emphasised, however, that the continent requires \u201clong-term partners\u201d that will support the continent as it moves towards sustainable and green industrialisation.<\/p>\n

\u201cIt requires increased inward investment in productive sectors, particularly manufacturing and infrastructure; support for the transition [towards] green industrialisation; improved market access of goods and services, and [building] partnerships for skills, science, innovation and technology.<\/p>\n

\u201cDevelopment can be fast tracked through new and smart partnerships. The growth, development and prosperity of nations [is] increasingly dependent on building\u2026 partnerships with other nations,\u201d Patel said.<\/p>\n

Patel said the summit is critical to building strong strategic partnerships that will drive African economies forward.<\/p>\n

\u201cThe hosting of the fourth German-Africa Business Summit is an indication of the seriousness with which Germany sees Africa\u2019s economic potential and the confidence it has in our economic prospects. It is an opportunity to discuss issues of mutual interest. That is the main objective of this summit — to build and sustain mutually beneficial partnerships between African nations and Germany.<\/p>\n

\u201cWe see an opportunity to increase trade between\u2026 Germany and Africa. There has been some progress with deepening manufacturing exports to Germany, and we can build on the successes and be more ambitious,\u201d he said.<\/p>\n

Patel said these partnerships will also bring great benefit to Germany.<\/p>\n

\u201cThis will provide opportunities for German businesses to invest in the expanding African manufacturing sector. It will help in diversifying and de-risking Germany\u2019s own global supply chains and sourcing markets.<\/p>\n

\u201cThis is particularly important, given the experience of supply chain disruptions and vulnerabilities during the pandemic. An African industrialisation will also have the value and advantage of the transformation of minerals and other raw materials closer to source,\u201d he said.<\/p>\n

The Minister said Africa\u2019s young and increasingly digitised population has a high ceiling for potential.<\/p>\n

\u201cAfrica accounts for 17% of the world\u2019s population\u2026 yet Africa generates about 3% of the world\u2019s GDP, and our continent accounts for less than 2% of global manufacturing and only 1% of global steel.<\/p>\n

\u201cTo change that reality and address that gap\u2026 we recognise our role in promoting stability, rule of law and a conducive business environment underpinned by modern infrastructure and skills development.<\/p>\n

\u201cIn the case for a number of countries including South Africa, it requires the expansion of reliable energy supply and improved transport logistics. It needs a capable public sectors and a relentless fight against crime,\u201d he said. \u2013 SAnews.gov.za<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Trade, Industry and Competition Minister, Ebrahim Patel, says partnerships with international countries are key to boosting African economies’ upward trajectory. The Minister was addressing the German-Africa Business Summit, held at the Sandton Convention Centre, in Johannesburg, on Wednesday. The bi-annual summit brings together business and government leaders from Germany and Africa to promote economic relations […]<\/p>\n","protected":false},"author":1,"featured_media":244986,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[38678],"class_list":{"0":"post-244985","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-south-africa","8":"tag-sanews","9":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/12\/partnerships-key-to-africas-economic-growth.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/244985","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=244985"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/244985\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media\/244986"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=244985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=244985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=244985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}