Deputy Minister Seiso Mohai: Standard Bank Group and Japanese Mizuho Bank Limited Conference

Speech by Deputy Minister of Planning, Monitoring and Evaluation Mr Seiso Mohai, MP, at the Standard Bank Group and the Japanese Mizuho Bank Limited Conference – 11 November 2024, Rosebank, Johannesburg.​​​​​​​​​​​​

Programme Director
Ambassador Designate of Japan, His Excellency Mr Shigeru Ushio; 
Mr. Kenny Fihla, Standard Bank Group Deputy Chief Executive & Chief Executive Standard Bank of South Africa; 
Mr. Luvuyo Masinda, Chief Executive Officer, Corporate & Investment Banking, Standard Bank; 
​Mr. Fumiro Suzuki, Managing Executive Officer, CEO for Europe, Middle East and Africa -Mizuho Bank and Mizuho Financial Group; 
Distinguished clients, Mizuho Bank and Standard Bank Executives present here today;
Good afternoon, ladies and gentlemen.

Allow me to begin by conveying the apology of the Honourable Minister Maropene Ramokgopa for not being able to join you at this important Conference. She requested me to stand in for her this afternoon while she is attending to other equally important matters of national interest. I am fully briefed of your initial engagement with the Minister abroad. It is the Ministry's intention to ensure continuity and forward movement on the areas where there is common ground for collaboration.

Distinguished guests

It is indeed a rare privilege to address this esteemed gathering of thought leaders, innovators, and investors who share a universal vison and commitment to shaping a prosperous and sustainable future for South Africa.

The Department of Planning, Monitoring and Evaluation welcome this enduring partnership by two eminent banks who are significant corporate citizens in their respective continents. That is the African and Asian continents. The South African government is encouraged and inspired by this unique partnership that support Japanese clients and promote foreign direct investment into South Africa. Where you are standing will impact our perspective of building a capable, ethical developmental state.

The 11th Annual Japanese Corporate Event, co-hosted by Mizuho Bank and Standard Bank takes place at a time marked by interesting developments globally and domestically.

As we converge here this afternoon, analyst, opinion-makers and over 8.2 billion people are mulling over the outcomes of the recent elections in the United States of America and their meaning to the world economy.

We in the southern African region are in deep contemplation about recent electoral outcomes in South Africa, Mozambique and Botswana.  Over 1.5 billion people in the African continent are reflecting on the implications these outcomes hold for democracy, political stability, economic growth and stability. I have no doubt in my mind that the Conference's pre-occupation, is correctly so, primarily Standard Bank and Japanese Business in South Africa and the continent.

South Africa is going through a period of remarkable changes as a consequence of the outcome of the May 2024 General Elections. The reconfiguration in the political landscape has been a peaceful transition that led to the formation of a Government of National Unity (GNU). The GNU formed by the majority of political parties in our country, recognises its own challenges, however unanimously agrees on the need to put South Africa first!

We all agree as GNU partners that South Africa is a country full of opportunities for both the public and private sector to thrive. Our message to you esteemed guests is   that this global partnership is much needed and welcome.  This is indeed and opportune moment for Japanese Corporates to invest in both Government priority projects and Private Sector priority economic growth areas.

As a government we are determined to boost infrastructure development in transport, energy and telecoms to support economic activities, as well as turning around our State-Owned-Enterprises (SoEs), especially Eskom and Transnet.

The Government of National Unity ushered in the 7th Administration in South Africa post the May 2024 Provincial and National Elections. This administration remains committed to achieving inclusive economic growth, reducing poverty, and building a capable, ethical, and developmental state. To drive these objectives forward, key strategic initiatives are being implemented, creating employment opportunities, stimulating investment, and addressing the high cost of living while improving governance and service delivery across all sectors.

As part of the agenda to foster inclusive growth, the Government of National Unity is prioritising employment creation and work opportunities through initiatives aimed at generating 4 million new jobs and 6 million work opportunities under the Public Employment Programmes. Critical reforms are also underway in sectors such as energy, freight logistics, water, and immigration policies through an operation called - Operation Vulindlela to drive competitiveness and efficiency.

Safety and security for communities and businesses

A secure environment is vital for both community well-being and business confidence. Operation Vulindlela is addressing this through strengthened law enforcement, community safety initiatives, and technological enhancements in policing. Creating safe and stable communities forms a foundation for long-term investment and sustainable development.

President Cyril Matamela Ramaphosa issued a clarion call to action to the Justice, Security and Crime Cluster as well as law enforcement authorities to combat crime. “We will not stop until every person responsible for corruption is held to account. We will not stop until all stolen money has been recovered. We will not stop until corruption is history". In this strong message, the President summed up the Government's commitment to tackling corruption in all its manifestations.

Reducing poverty and improving livelihoods remains a top priority.

This will be achieved by ensuring indigent policies are implemented across municipalities, along with VAT exemptions for new basic foods and the development of social rental units. According to recent reports by Statistics South Africa, 55.5% of South Africa's population lives below the poverty line. We have to act as government supported by the private sector and civic society, to alleviate poverty.

Beyond indigent policies we need to create a resilient economy through bolstering small and medium enterprises and drastically reducing reliance on traditional sectors.

The current review of the structural policies will also enable simplification of regulations to improve the ease of doing business in South Africa.

We are determined in our drive to attract Foreign and Domestic Investment by creating a conducive environment through incentives and support mechanisms

Distinguished Guests

To strengthen governance and public service, South Africa is advancing the National State Enterprises Bill and implementing a new ownership model to enhance the performance of public entities. A framework for public service professionalisation is being rolled out, alongside the completion of a digital transformation roadmap by 2025. Effective border management and service delivery improvements at the local government level are also key aspects of building a developmental state.

Through these coordinated efforts, the Government of National Unity seeks to drive sustainable economic growth, improve living standards, and build an accountable, effective state that serves all citizens.

In recent months, we have achieved an unprecedented milestone: 229 consecutive days without loadshedding. This success is the result of strategic reforms, investments in energy security, and an unwavering commitment to an energy-secure future. For many South Africans, the cessation of loadshedding is a daily symbol of the progress we are making and of a revitalised economy ready to attract international investment.

Driving economic reform through Operation Vulindlela

At the heart of our economic reforms is Operation Vulindlela, a programme with a clear mandate to remove barriers to economic growth across several priority sectors. Let me share the progress in these sectors and highlight the significant investment opportunities they hold.

Water security and infrastructure development

Access to water is essential not only for communities but also for industries and agriculture. Operation Vulindlela is actively addressing water infrastructure and management, improving regulatory processes to fast-track projects and maintain reliable access.

Investment opportunities

We are inviting private sector partners to invest in water infrastructure projects. Areas such as water purification, desalination technologies, and smart water management systems present significant investment potential. Private-public partnerships in water management will allow us to leverage the latest innovations while creating sustainable water solutions for industrial, agricultural, and residential use.

We are further looking for investments in port modernisation, rail infrastructure, and digital logistics solutions. Our strategic location as a gateway to Africa makes South Africa an attractive base for distribution and trade, and improvements in logistics infrastructure will benefit businesses operating in or exporting to Africa.

Logistics and transport networks

South Africa's logistics sector is the backbone of our economy, connecting us to global markets. Operation Vulindlela has prioritised improvements in our transport infrastructure to eliminate inefficiencies and create a seamless flow of goods within South Africa and beyond.

Energy transition and security

The end of loadshedding marks a new era in our energy sector, but our ambitions go beyond stability. We are transitioning toward a sustainable and green energy future through the Government's Just Energy Transition. The Independent Power Producer (IPP) programme is an example of how private investment is driving this transition, contributing to a diversified and resilient energy landscape.

Investment opportunities

We welcome investments in renewable energy projects, energy storage solutions, and grid infrastructure enhancements. With ample natural resources for wind and solar power, South Africa is primed to become a leader in clean energy production. Additionally, energy storage innovations and transmission upgrades are critical areas where the private sector can play a transformative role.

Corporates with expertise in security technology, data analytics, and community engagement are encouraged to partner with Government and its initiatives. These partnerships can enhance the security landscape through smart city projects, digital surveillance, and collaborative policing solutions.

Strengthening global partnerships

The recent visit of Deputy President Mashatile to the United Kingdom exemplifies South Africa's commitment to fostering global partnerships. The UK engagement focused on boosting trade, investment, and sustainable development through collaborative efforts. We see this as an opportunity for shared growth: South Africa, with its dynamic and youthful workforce, has much to offer in terms of market access, regional influence, and specialised talent in key sectors.

Our discussions highlighted our determination to make South Africa a global hub for sustainable investment, with a special focus on green infrastructure, digital economy, and skills development. As a result of these interactions, several bilateral projects are already underway, which will benefit both our economies and pave the way for expanded cooperation with the global corporate sector.

The Corporate Sector: our partner in progress

For South Africa to realise its full potential, the corporate sector must play a pivotal role. I urge you, our corporate partners, to consider South Africa's growth trajectory not just as an opportunity for financial gain but as a long-term commitment to a shared and prosperous future. The Government of National Unity, through reforms, policies, and programmes like Operation Vulindlela, has created a favourable environment for investment, facilitating ease of doing business, enhancing regulatory frameworks, and prioritising sectoral reforms that align with both national and global economic shifts.

The investment opportunities I have outlined here today, across water, logistics, energy, and security are just a glimpse of what South Africa has to offer. Each represents not only a chance for growth but also a pathway to meaningful impact that supports our country's development goals.

Ladies and Gentlemen

The hosting of the Group of Twenty popularly known as the (G20) by South Africa in 2025 presents us with a pivotal opportunity to address our poverty and inequality challenges. This can be done by advocating for Investment in Education and Skills Development Initiatives (through promotion of vocational training and apprenticeships) to equip the work force and address skills mismatch. Similarly advocating for bolstering the capacity and capability of Special Economic Zones (SEZs) should be used to promote industrialisation and attract investment.

The summit also is an opportunity for South Africa to emphasize agriculture, food security and climate change, aligning with global efforts to create sustainable solutions that benefit the most vulnerable in society. Overall, proactive participation must lead to significant international support for South Africa's socio-economic initiatives.

In conclusion, ladies and gentlemen, South Africa stands at the cusp of a new era.

We have taken courageous steps to ensure stability, foster growth, and build partnerships, but our journey is just beginning. The time is ripe for corporates to invest in South Africa's transformation and to work with us as we turn ambition into achievement.

Together, we can harness South Africa's potential, driving progress that resonates beyond borders and creates a legacy of prosperity, sustainability, and resilience.

Let us seize this moment and take strides forward together to build a prosperous South Africa and a better Africa.

Thank you.