Addressing business leaders and policymakers at a South African-Spanish business forum in Madrid on Friday, Ramaphosa pitched South Africa as a strategic partner for long-term investment, and stressed that the country is not only looking for buyers of its exports, but also co-investors in building the industries of the future.
“Even though our trade relationship is strong, it is structurally unbalanced. It is concentrated in a narrow range of products,” he said, noting that motor vehicles account for about half of South Africa's exports to Spain.
The centerpiece of Ramaphosa's address was the presentation of 85 “investment-ready” projects worth more than 62 billion euros spanning energy, infrastructure, critical minerals, digital connectivity and pharmaceutical manufacturing.
He invited Spanish companies to participate not only as financiers but also as long-term partners.
“Our message to every Spanish company in this room is that South Africa is open for business,” he said.
The main focus of the investment campaign is South Africa's electricity network, which the President highlighted will require significant expansion to support economic growth and the energy transition.
“We have to build 14,000 kilometers of transmission lines; that would require a lot of capital, which we don't really have.”
He estimated that approximately R450 billion would be required to expand the national grid.
Ramaphosa framed the proposed partnership as one built on complementary strengths, with South Africa offering abundant natural resources and industrial capacity, while Spain offers technology, investment and access to European markets.
“South Africa brings the resource base. Spain brings the technological capacity, investment and market access,” he said, stressing the need to move up the value chain.
The President also raised concerns about global climate regulations, particularly the EU's carbon border adjustment measures, warning that they could harm developing economies.
“We have an opportunity to combine European technological strength with African development.”
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