South Africa’s investment in Africa hit R36 billion ($3.3bn) last year, Pravin Gordhan, South Africa’s finance minister, disclosed on Wednesday.

Gordhan, delivering his 2014 Budget speech in parliament, Cape Town, added South Africa has become the second biggest developing country investor on the continent after China, the world’s second biggest economy.

“In 2013, 29 percent of our exports were destined for Africa. In 2012, 12 percent of our dividends came from Africa, up from just 2 percent a decade earlier,” Gordhan said, adding these inflows will help in closing the country’s current account deficit.

Current account deficit is a measurement of a country’s trade in which the value of goods and services it imports exceed the value of goods and services it exports.

Foreign assets held by South African companies were a critical income stream, according to Gordhan. This would also lessen South Africa’s exposure to future domestic meltdowns.

Gordhan said 18 African bellwethers have listed debt and equity on the JSE, Africa’s biggest bourse.

He said bounds for South African listed firms will be increased, creating a “simplified tax and foreign exchange” agenda for companies that do business with Africa.

He also recommended the launch of what he called new “Foreign Member Funds”, which will make simpler the foreign exposure guidelines.

According to him, these funds will strengthen South Africa’s position as the hub for African fund management.