Johannesburg, 23 October 2024 – The conference will showcase South African institutions and listed companies to the U.S. investor community, offering deeper insights into South Africa’s investment potential. This year’s conference has attracted considerable interest, driven by the formation of the new Government of National Unity (GNU) and the influence it will have on policy and fiscal management.

The conference brings together investors, policymakers, and business leaders to discuss the future of South Africa's economy and investment opportunities. Held under the theme: “Advancing SA’s Structural Reforms for Infrastructure Development”, speakers will unpack the country’s monetary and fiscal policy, infrastructure investment plans, progress on critical structural reforms – particularly in energy and logistics – and the outlook for the GNU.

“We have seen a notable shift in positive investor sentiment towards South Africa following the elections,” says Leila Fourie, Group CEO of the JSE. “The GNU is currently receiving a vote of confidence from investors, but they are eager to hear how government will deliver on reforms and how businesses will invest and grow on the back of them.”

“There is a positive story to tell on progress ranging from stabilising electricity supply to improved visa regulations. But investors also want to hear when they can expect us to resolve logistical challenges and improve the functioning of our criminal justice system, especially as it relates to the Financial Action Task Force’s greylist. They want confidence that government will improve service delivery more widely, while continuing to repair government finances. Investors are positive, but that sentiment needs to be rewarded with economic growth and a reduction in risk,” says Fourie.

The delegation travelling to New York includes key government officials, such as the Minister of Electricity and Energy, Dr. Kgosientsho Ramokgopa; the Minister of Communications and Digital Technologies, Solly Malatsi; and the Minister of Agriculture, John Steenhuisen, who will join virtually. The Governor of the South African Reserve Bank, Lesetja Kganyago, will also be attending. They will be joined by the CEOs of 19 listed companies to engage investors on the country’s prospects and opportunities of growth.

“SA Tomorrow isn't just about dialogue; it's a unified effort that clearly signals that South Africa is poised for growth. The conference is a catalyst for action and lays the foundation for a new chapter in our nation's economic trajectory. As the largest bank on the continent by assets, Standard Bank is committed to driving Africa's growth, and we  believe that South Africa continues to be an important gateway to African markets," said Kenny Fihla, Deputy Chief Executive of Standard Bank Group.

After the conference, the delegation will travel to London to host the Macroeconomic Conference scheduled for 31 October 2024. This leg of the conference aims to present a balanced view of the South African investment landscape and the opportunities that exist for UK investors, drawing from both public and private perspectives. It will outline how South Africa is progressing on its policy reforms and dealing with socio-economic challenges. It will also highlight the attributes that make SA an attractive emerging market destination and allow investors the opportunity to engage directly with South Africa’s private sector and government officials.

“President Cyril Ramaphosa reiterated in his State of the Nation address earlier this year that the National Development Plan remains South Africa’s growth blueprint. To sustain the recent rebound in investor confidence, a shift from a governance and regulation-led recovery to fiscal-led growth is needed. For example, the medium-term policy statement should provide greater visibility on allocations to large, fixed capital investments to unlock private sector and drive growth. Policy certainty and clarity across the telecoms spectrum and for the mining sector’s expansion will play a pivotal role in driving the economy forward. There is, however, optimism within the business and investor community that the next decade could be different. The NDP, as a blueprint, enjoys consensus on what is needed to address South Africa’s myriad bottlenecks and socio-economic challenges,” said Langa Manqele, Head of Investor Relations at Old Mutual.

ENDS

ABOUT THE JSE

The Johannesburg Stock Exchange (JSE) has a well-established history of operating as a marketplace for trading financial products. It is a pioneering, globally connected exchange group that enables inclusive economic growth through trusted, world-class, socially responsible products, and services for the investor of the future. It offers secure and efficient primary and secondary capital markets across a diverse range of securities, spanning equities, derivatives, and debt markets. It prides itself on being the market of choice for local and international investors looking to gain exposure to leading capital markets on the African continent.

The JSE is currently ranked in the Top 20 largest stock exchanges in the world by market capitalisation, and is the largest stock exchange in Africa, having been in operation for 137 years. As a leading global exchange, the JSE co-creates, unlocks value and makes real connections happen. www.jse.co.za 

ABOUT STANDARD BANK

Standard Bank Group is the largest African bank by assets, operating in 20 African countries and 5 global financial centres. Headquartered in Johannesburg, South Africa, we are listed on the Johannesburg Stock Exchange, with share code SBK, and the Namibian Stock Exchange, share code SNB. Standard Bank has a 157-year history in South Africa and started building a franchise outside southern Africa in the early 1990s.

Our strategic position, which enables us to connect Africa to other select emerging markets as well as pools of capital in developed markets, and our balanced portfolio of businesses, provide significant opportunities for growth. The group has over 50 000 employees, more than 1 100 branches and 9 000 ATMs on the African continent, which enable it to deliver a complete range of services across personal and business banking, corporate and investment banking and wealth management.  Headline earnings for 2019 were R28.2 billion (about USD2 billion) and total assets were R2.3 trillion (about USD163 billion). Standard Bank’s market capitalisation at 31 December 2019 was R277 billion (USD20 billion).  The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade and deal flow between Africa, China and select emerging markets.

For further information, go to http://www.standardbank.com

ABOUT OLD MUTUAL

Old Mutual is a premium African financial services group that offers a broad spectrum of financial solutions to retail and corporate customers across key markets segments in 14 countries. Old Mutual's primary operations are in South Africa and the rest of Africa, and it has a niche business in Asia. With over 175 years of heritage across sub-Saharan Africa, we are a crucial part of the communities we serve and broader society on the continent. For further information on Old Mutual, and its underlying businesses, please visit the corporate website at www.oldmutual.com.