- Foreign direct investment ‘highly necessitated and vital’ for achieving, operationalizing Africa’s potential, says African Union commissioner
PRETORIA
The South African deputy president said Friday that critical minerals are at the center of Africa’s industrialization, global energy transition, technology innovation and inclusive economic growth.
“The global contestation for critical minerals is purely geopolitical rivalry,” Paul Mashatile said at the closing ceremony of the fifth Türkiye-Africa Business and Economic Forum (TABEF) in Istanbul.
The two-day forum, with Anadolu as its global communication partner, concluded Friday, featuring keynote speeches from high-level attendees, including Turkish President Recep Tayyip Erdogan.
“The African continent has 30% of the world’s mineral reserves, including platinum, gold, diamonds and coal, 90% of the world’s chromium and platinum,” said Mashatile.
South Africa’s G20 presidency ‘moment of profound responsibility’
Mashatile highlighted South Africa’s G20 presidency as a moment “not only historic, but also a moment of profound responsibility to reshape global governance, to live with the voice of the Global South and to advance a development agenda that is just, inclusive and sustainable.”
He said South Africa views its G20 presidency, the first held by an African state, as an opportunity to “champion the aspirations of the emerging economies,” marking the final term in the first full cycle of G20 presidencies before the role returns to the US in 2026.
Mashatile told Erdogan that South Africa is “looking forward” to hosting him at the G20 Leaders’ Summit in November and attending the sixth TABEF in 2027.
“We widely appreciate that Türkiye has shown its support for South Africa’s G20 presidency since its assumption,” he said. “This comes as no surprise to us, because we believe Türkiye understands the significance of South Africa’s G20 presidency.”
Under its presidency, South Africa is advancing key priorities, he said, including strengthening disaster resilience and response, ensuring debt sustainability for low-income countries, mobilizing finance for a just energy transition and harnessing critical minerals for inclusive growth and sustainable development.
Foreign direct investment to Africa is ‘highly necessitated and vital’
Francisca Tatchouop Belobe, the African Union (AU) commissioner for economic development, tourism, trade, industry and mining, said foreign direct investment is “highly necessitated and vital” for achieving and operationalizing Africa’s potential.
She said Africa is set to become the world’s largest trade area by 2035, with an expected market of $6.7 trillion.
Belobe said Africa-Türkiye trade grew from $5.4 billion in 2003 to $40.7 billion by 2025, an eight-fold increase, with Türkiye now among the top five non-African trading partners and the goal to reach $50 billion by 2026.
She highlighted Africa’s broader economic momentum, as total trade reached $1.4 trillion in 2024, with intra-African trade rising 7.7% to $208 billion.
The commissioner said Africa attracted a record $97 billion in foreign direct investment in 2024, a 75% year-on-year increase, while the continent’s economy is projected to grow 3.2% in 2024, 4.1% in 2025 and 4.4% by 2026.
‘Türkiye has been all the time, continually supporting our Africa’s transformation’
Africa Business Council President Amany Asfour said Africa needs transfer of technology, health development, transformation of raw materials into industrialized products and the establishment of economic health industrial zones.
“Türkiye has been all the time, continually supporting our Africa’s transformation, our journey towards our prosperity,” she said.
Asfour said the partnership should be based on investment to create jobs, transfer technology, empower the people of Africa and Türkiye, and focus on value addition, beneficiation and industrialization.
She urged a partnership with the Turkish private sector.
“We cherish our partnership with Türkiye to have Africa not free from disease, but healthy, not free from poverty, but wealthy, not free from illiteracy, but well-educated,” Asfour highlighted.
