France sees South Africa as a major economic player, in Africa and beyond, and trusts in the South African economy, French President François Hollande said on Monday.

Speaking at the South Africa–France business forum, held in Sandton, which formed a part of Hollande’s two-day Presidential visit to South Africa, he said that, through the discussions and experiences associated with the visit, it was clear to him that the South African economy was on a path to quick and substantial growth.

Meanwhile, also speaking at the business forum President Jacob Zuma assured the French companies that formed a part of the delegation and were considering investing in South Africa that they were “in the right country, on the right continent, at the right time”.

“International investors are increasingly becoming aware that the rate of return on foreign investment in Africa is higher than in any other region in the world, and like most African countries, South Africa offers natural advantages, such as its extraordinary mineral wealth and agriculture potential,” Zuma said.

The President added that the country also had favourable demographics that included a young working population, increasing urbanisation rates and a growing middle class with considerable purchasing power.

“These ingredients combine significantly to enhance our economic development prospects and make South Africa a land of abundant opportunities and possibilities,” he said.

Meanwhile, Zuma also pointed out that trade between South Africa and France had shown signs of recovery since the global economic crisis, adding that he hoped that discussions at the business forum would take this recovery forward through increased investment.

“There is already a lot of economic activity between the two countries. South African companies have shown a keen interest in France and made sizeable investments amounting to more than R941-million.

“The stock value of French foreign direct investment in South Africa is currently at R9.4-billion with notable investments in renewable energy, consumer products, automotives and infrastructure,” Zuma stated.

Meanwhile, Hollande stated that, during the visit, the two countries’ governments had committed to making it easier to do business with each other.

“Together we would like to promote trade, cut the red tape and promote economic diplomacy,” Hollande said.

Trade and Industry Minister Dr Rob Davies reiterated Hollande’s statement, saying that, “as government, we have decided that we have to work harder on strengthening bilateral trade and investment relations”.

He added that, to achieve this, he and French Trade Minister Nicole Bricq, had decided to revive the joint economic commission, which had been put on the back burner a few years ago.