South African President Cyril Ramaphosa has met with tech billionaire Elon Musk in New York to discuss potential investment opportunities, the presidency has announced.

The meeting took place on the sidelines of the 79th UN General Assembly, where Mr Ramaphosa had earlier addressed US and South African businesses and visited the New York Stock Exchange.

Mr Musk, the South African-born founder of Tesla and SpaceX, also owns the social media platform X (formerly Twitter), where the presidency shared news of the meeting.

The talks come amid speculation about the possible introduction of Starlink, Mr Musk’s satellite internet service, to South Africa.

Earlier this month, Mr Musk said Starlink was “waiting for regulatory approval” in South Africa. However, the country’s communications regulator, Icasa, says it has not received an application.

Starlink provides high-speed internet access via a network of low-Earth orbit satellites. It already operates in several of South Africa’s neighbouring countries, including Botswana and Zimbabwe.

Despite interest in the service, South African regulations require holders of communications licences to be 30% owned by historically disadvantaged groups – a potential obstacle for Starlink’s entry into the market.

This requirement is seen as a significant challenge for the company’s expansion into South Africa.

The meeting between Mr Ramaphosa and Mr Musk suggests a potential willingness to navigate these regulatory issues, although no specific agreements have been announced.

As South Africa grapples with economic challenges and seeks to attract foreign investment, the outcome of these discussions could have significant implications for the country’s tech and communications sectors.