Returned from his Southeast Asian trip, President Cyril Ramaphosa said on Monday that amid global economic uncertainty, South Africa must diversify its trade and investment relations.

Ramaphosa returned from visits to Indonesia, Vietnam and Malaysia, whose companies want to locate their operations to South Africa to take advantage of the African Continental Free Trade Area.

He pointed out that in each country, the South African delegation met with companies that were keen to invest.

“…some of these companies already have a presence in our country. All of them recognised the great potential of our economy, our well-developed infrastructure, our world-class financial sector, our independent judiciary and stable institutions,” Ramaphosa said.

He stated that several companies discussed their plans to build new manufacturing plants in South Africa for the domestic market and other markets in the Southern African region and on the African continent.

“As we continue to expand trade with traditional partners, we see great value in strengthening links with other countries of the Global South,” he said.

Ramaphosa explained that already, South Africa exports many agricultural products to these Southeast Asian countries.

“During our visits, we discussed how to expand the range and the quantity of agricultural products we supply these countries, ranging from beef to soybeans to fruit. Among other things, we agreed to look at some of the regulatory barriers to market access,” he said.

He pointed out that South Africa’s ties to Indonesia and Malaysia go back more than 300 years, when the Dutch East India Company brought people from what were then known as the Dutch East Indies to South Africa as slaves.

He said alongside Indonesia and Malaysia, Vietnam was a firm supporter of the struggle against apartheid. Vietnam’s struggle for independence and self-determination was an inspiration to many South African freedom fighters, he added.

He highlighted that over time, each of these countries had expanded their advanced manufacturing capacity, with some taking the lead in semiconductors, batteries and electric vehicles.

Ramaphosa noted that South Africa, with its substantial reserves of critical minerals, was well placed to supply the products that these industries needed.

“We are keen to develop partnerships with these countries to ensure that we add value to these minerals before exporting them. This is part of our ambition to move away from being an exporter of raw materials to producing finished goods,” he explained.

While much of the visit focused on expanding trade and investment ties, Ramaphosa said the South African delegation shared with all three countries a common approach to international matters.

“We are all firm advocates of multilateralism and international law, the reform of the United Nations and cooperation between the countries of the Global South. We therefore agreed to work together to promote peace and security, climate action and sustainable development,” he said.