Deputy President Paul Mashatile has been punting for cannabis and hemp investors on his working visit to France. Mashatile, who’s leading a high-level South African delegation, says South Africa is in the process of developing an investor-friendly cannabis framework.

Speaking at a bilateral economic conference in Paris on 21 May 2024, under the theme “Advancing SA-France Economic Relations,” Mashatile highlighted the significance of enhancing trade, promoting investment, and encouraging collaboration between the two nations.

He noted that the conference is “a platform to build on this foundation, exploring new opportunities and expanding investments, trade and cooperation that will benefit our people and economies.”

During this presentation, which underlined investment opportunities in energy and agriculture, the Deputy President also highlighted the economic potential of South Africa’s hemp and cannabis industries.

“South Africa is developing a regulatory framework that will encourage investments, research and commercialisation in this sector which has the potential to spur industrial innovation, vitalise rural economies and create thousands of jobs,” he said.

“I stress here rural economies because that’s exactly where you find hemp.”

“We understand that by enhancing integration and collaboration with countries like France, we can promote inclusive economic growth,” said Mashatile, and expressed his appreciation for the existing trade and investment relationship between the two countries which had already generated jobs and stimulated economic activity.

He noted that since the first South Africa Investment Conference in 2018, French companies had committed over R70 billion to various sectors, including renewable energy, manufacturing, agribusiness, and retail.

He encouraged expansion in trade by introducing more South African high-value products to the French market through missions, exhibitions, and sourcing platforms.

The delegation included ministers, deputy ministers, senior government officials, and business leaders from both the public and private sectors.

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