Deputy President Paul Mashatile says South Africa is committed to cutting red tape to attract investment from France in a bid to drive economic growth and create job opportunities.

Speaking to government and business officials at the South Africa France Investment Conference in Paris, Mashatile said government was devoted to policy certainty regulatory reforms to help ease doing business through its one-stop shop platform.

“SA remains a competitive business and investment hub despite global economic challenges. Our goal is to unlock opportunities across sectors, promoting sustainable economic growth and inclusive development while maximising trade and investment opportunities.

“We are committed to policy certainty regulatory reform and facilitating the ease of doing business through our one stop shop platform. We are working across government and the private sector to resolve bottlenecks and accelerate high-impact investments. Ministers, deputy ministers, director generals, let us cut the red tape,” said Mashatile.

The one-stop shop is the focal point in government to help investors with permitting, registration and licensing of their businesses in response to criticism about how bureaucratic hurdles have driven away capital and held back entrepreneurs.

Mashatile said he hopes French businesses will choose SA as a gateway to Africa, leveraging on the country's advanced financial sector and growing population. He said SA had curated an investment book of $40bn (R7.1-trillion) in public and private sector projects that are ready for investments.

He said SA was aiming to attract investments in critical minerals including lithium, vanadium and cobalt which are available in the country. It also wanted French investment in infrastructure, green energy and pharmaceutical technology.

“We are looking at our partners including France to bring advanced and sustainable innovation,” he said.

Mashatile said since the first South African investment conference in 2018, French companies had committed more than R70bn with most projects either completed or being implemented. Announcements included renewable energy generation capacity, manufacturing, retail agribusiness and other services sectors, he said.

“On the trade side, we need to extend our trade basket and SA will be a partner for high value-added products. We have a list of the top 100 products we would like to introduce to the French markets through inward buying, exhibitions and sourcing,” he said.

Also speaking at the conference, Laurent Saint-Martin, French minister of commerce, said France was a gateway to the European market.

“France has been the most attractive destination for foreign investment in Europe for six consecutive years,” said Saint-Martin.

He said the European market had more than 415-million people and strong infrastructure. He said companies including SA's Sibanye-Stillwater had taken advantage of potential in Europe.

Philippe Labonne, CEO of Africa Global Logistics, said SA was considered a gateway for Africa. He said there were more than 480 French companies and their local branches in SA, representing 65,000 direct jobs.

“We are ready for many more partnerships with your country and with South African companies. French companies are interested. We have built strong partnerships with South African companies to release the potential of the country and the region,” he said.

Labonne said there were opportunities to invest in infrastructure, including building roads, railroads, ports and sanitation.

“We have great experience in agro-processing which is also a priority sector.”