President Cyril Ramaphosa hosts the South Africa-Kenya Business Forum. (5)
Among the outcomes that we seek is a substantial growth in the volume and the value of the trade between our two countries. That's what we want. But we also want to see real investments being put on the ground. Now, we know that since 2022, total trade between South Africa and Kenya has grown by an average of 3.5% a year. We should be at a higher percentage. Kenya remains in our case South Africa's largest trading partner on the continent outside the South African Development Community. But we want to see much more trading be happening between the two countries that will be mutually beneficial. Where the deficit is also brought down. Where we find ways and practical ways of bringing down the deficit. Earlier during our talks, we spoke about uh how for instance, we should allow Kenyan more and more Kenyan tea to come into South Africa. And because Kenya had imposed a tariff on our steel, we in South Africa thought that we were going to reciprocate by uh putting barriers on the tea that should come to South Africa. And earlier today, we said, "No, let's stop this nonsense. Let's bring down the deficit between us. I mean, it's it's not comparable that there should be that type of reciprocation. We should not act like some big countries in the world that try to punish, you know, other countries because of a disparity uh just in in tariffs. So, we said that must now be removed. We cannot have a reciprocation on steel and tea. Tea that is grown by small-scale farmers in Kenya. And I'm saying to my people, let's have a heart. Let's allow tea from Kenya to come here in South Africa. Now, our country continues to import products, services, and technology, and skills from Kenya. Now, we want to see much more. As I said, I'm a tea lover. I want to drink much more tea from Kenya. Uh so, South Africa, don't uh create a barrier for my tea, please. I want my tea to come here. The second outcome that we want is investment, precisely the matter I've been talking about. But, it should be investment on both sides. Kenyan companies have invested in a number of projects in South Africa, 11 projects, I'm told, that are worth 283 million US dollars. And South African companies have invested in 96 projects in Kenya, and uh the that represents about 2 million uh 2 billion dollars. It is not only the private sector that has backed our economies at that level. We've also got financial institutions that have contributed a great deal, and have funded many of these projects. But, I'd like more business people on both sides to be investing more and more. Earlier, President Ruto was saying there is quite a lot of money in the system, pension funds, and a number of other sources of money that we should tap into. And what we need, we need a bold private sector. A private sector that has courage, a private sector that is not risk averse, a private sector that partners with bus- uh with uh with government to effect a number of investments. And where government should support, we will support. I mean, we've got institutions like the Development Bank of Southern Africa has been one of those that has also funded a a number of projects in in Kenya and I believe they're funding the Mombasa and Nairobi petroleum and crude oil pipeline. Uh our development finance institutions are keen to do more to fund a number of catalytic infrastructure projects also in Kenya. As has become evident from this forum, there is huge untapped potential in both our economies.