Gauteng Investment Conference launches with R300bn target

The Gauteng Investment Conference launched with a target of R300bn amidst growing concerns over global trade tariffs. South African Minister of Trade, Industry, and Competition, Parks Tau, addressed the recent tariff increases in the automotive sector and the potential impact on South Africa's economy in an exclusive interview with CNBC Africa. The Minister remained optimistic about the outcome of trade negotiations and emphasized the importance of continued engagement with the United States and other trade partners to navigate the changing global trade landscape. Minister Tau expressed the need for South Africa to assume a leadership role as the presidents of G20 this year and contribute positively to the discourse on global trade. He highlighted the upcoming engagements at the African Growth and Opportunity Act (AGOA) forum and the significance of AGOA as a vital trading platform for the country. Discussing the challenges posed by the tariff increases, Minister Tau emphasized the risk of concentrating development in larger markets with deeper pockets to incentivize their economies. He stressed the importance of considering the impact on smaller exporters and engaging in discussions with the United States to address these concerns. In response to the tariff changes, Minister Tau revealed that South Africa is awaiting confirmation of the date for their visit to the United States to discuss the implications and present their approach. He underscored the importance of diversifying trade and cooperation within the African Continental Free Trade Area (AfCFTA) to mitigate the impact of global tariff decisions. Addressing the survival of the steel industry, Minister Tau mentioned the agreement with AMSA to create a facility aimed at mitigating challenges over the next six months. He highlighted ongoing discussions with AMSA and industry stakeholders to find long-term solutions and ensure South Africa's role in the steel value chain. As global trade faces unprecedented challenges and uncertainties, South Africa remains committed to engaging in constructive dialogues, fostering cooperation, and seeking sustainable solutions to navigate the evolving economic landscape.