Minister of International Relations and Cooperation Ronald Lamola called for enhanced economic diplomacy focused on continental partnerships during a presidential working dinner with South African corporations operating across Africa at Investec in Sandton. Lamola emphasized that only 16 percent of African trade occurs internally compared with 70 percent within Europe, advocating for Southern African Development Community commerce to reach 50 percent from the current 21 percent levels. The minister announced the establishment of the Committee for the Coordination of Economic Diplomacy platform linking government agencies with private sector entities to identify market opportunities and resolve cross-border operational challenges.
The strategy aligns with African Continental Free Trade Area objectives, targeting a potential 3.4 trillion dollar market while supporting the Medium-Term Development Plan goal of generating 2.5 million employment opportunities. Lamola outlined a forthcoming investment facilitation framework providing risk management mechanisms and dispute resolution protocols through diplomatic missions, anchored in the Protection of Investment Act and compatible with multilateral investment protocols.
The strategy aligns with African Continental Free Trade Area objectives, targeting a potential 3.4 trillion dollar market while supporting the Medium-Term Development Plan goal of generating 2.5 million employment opportunities. Lamola outlined a forthcoming investment facilitation framework providing risk management mechanisms and dispute resolution protocols through diplomatic missions, anchored in the Protection of Investment Act and compatible with multilateral investment protocols.
