The Investment and Infrastructure Office is drawing up South Africa’s inaugural Country Investment Strategy (CIS).
Minister in the presidency, Mondli Gungubele, highlighted this during an address at the green hydrogen stakeholder engagement.
The minister added that the plan is to release the CIS for comment before the end of the first quarter of 2022.
According to the minister, the CIS aims to “position South Africa as a key preferred African investment destination by attracting and facilitating quality Foreign and Domestic Direct Investment into the country, in a well-co-ordinated manner, anchored by quality institutions and robust economic infrastructure networks”.
This forms part of the National Development Plan (NDP) target of 30% of Gross Fixed Capital Formation to Gross Domestic Product (GDP) by 2030.
The CIS seeks to catalyse a new investment model to address current under-investment; attract quality greenfield investments into South Africa; identify high growth industries that will accelerate contributions to GDP; consolidate and strengthen existing capacity in identified priority sectors through enhancing policy certainty and target areas of intervention.
The minister pointed out that the CIS is “importantly underpinned by and aligned to the aspirations and objectives articulated in the NDP, the country’s Economic Recovery and Reconstruction Plan (ERRP), the Re-imagined Industrial Strategy (RIS), Sector Masterplans and the National Infrastructure Plan (NIP) 2050”.
In terms of green hydrogen, the minister declared that South Africa can implement a dual strategy focused on “maximising the export potential of green H2 derivative products in the short-term and using green H2 as an enabler for domestic, industrial decarbonisation and attracting hard-to-abate industries to relocate to South Africa in the medium term”.
He added that green hydrogen “represents a real reindustrialisation vector and a potential enabler of mineral beneficiation by coupling our mineral resource endowment with green energy”.
Meanwhile, president Ramaphosa has designated minister Gungubele to assume political responsibility for the control and direction of the State Security Agency.
In a statement, the presidency confirmed that the move is in line with the announcement in August 2021 that the ministry of state security would be done away with and political responsibility for the State Security Agency would reside in the presidency.