The 12th session of the DRC-South Africa Business Forum was a significant moment for the partnership between the Democratic Republic of the Congo (DRC) and South Africa. President Cyril Ramaphosa led the meeting, which highlighted the countries’ vast potential for industrial and economic growth. Mutual investment was emphasized as a crucial factor in strengthening their respective economies.
Collaborating for Success
The DRC has a wealth of mineral resources, making it a critical player in the continent’s green industrial revolution. South Africa and DRC, with their shared historical and geographical ties, are eager to collaborate on various business ventures and investments.
The forum addressed several challenges facing Africa, including the aftermath of the COVID-19 pandemic, rising food and fuel prices due to the Russia-Ukraine conflict, and the impact of climate change on economies and communities. However, the leaders also recognized Africa’s abundant potential, including vast natural resources, a digitally fluent young population, and urbanization.
Harnessing the Demographic Dividend
The forum emphasized the importance of expanding and diversifying Africa’s industrial capacity to benefit from its demographic dividend fully. The COVID-19 crisis highlighted the need for a more extensive industrial base in Africa. The base should be supported by investment in science, innovation, skills development, and intra-continental trade.
President Ramaphosa identified opportunities for collaboration between DRC and South Africa, leveraging their combined raw materials, skills, technology, capital, and the youth population. The food industry, mining equipment supply, telecommunications, banking, retail, and the development of an integrated supply chain for electric vehicle battery manufacturing were identified as immediate possibilities.
Driving Growth and Addressing Challenges
Several South African companies are already successfully operating in the DRC, and Congolese businesses are thriving in South Africa. However, the potential for growth is significant, and both nations agreed to address challenges faced by the private sector. They decided to convene a Joint Bilateral Working Committee before the end of 2023 and establish joint technical teams to address trade challenges and investor concerns.
President Ramaphosa also invited Congolese businesspeople to invest in South Africa and participate in the next South Africa Investment Conference in March. The initiative aims to raise R2 trillion in new investment over the next five years to expand the overall investment base and foster African investment.
A Brighter Future for Africa
The DRC-South Africa Business Forum concluded with a commitment to work together, deepen cooperation, and explore new opportunities for economic growth and industrial advancement. As the partnership between these two nations continues to blossom, the possibilities for a better future for the African continent and its people are limitless.
