The South African government has the capacity to revive the economic situation of many African countries, African National Congress (ANC) Youth league leader Julius Malema said on Thursday.

South Africa should be investing on the continent like China and other foreign countries, he told the National Press Club in Pretoria, on the ANC Youth League's programme of action for economic freedom.

Resolving the economic crisis on the continent would put a stop to the influx of foreign nationals to South Africa, he said.

"Who said we can't be like China, the United States and the EU [European Union]... South Africa has the economic capacity to take care of its people and also those coming from outside," said Malema.

The reason people were leaving their countries for South Africa, was a sign of confidence from the continent, he said.

State institutions like SAA, Eskom, Telkom, Denel and the SABC needed to venture into economically weak countries, not to colonise them, but to help them build their internal economic capacity.

"Throughout all of that we'll also make some money through foreign investments. Remember, this is not a programme of charity but an economic programme," he said.

Malema said this goal was almost reached under the leadership of former president Thabo Mbeki, who was ousted ahead of the 2009 general elections.

"We were almost there under president Thabo Mbeki, who had a very clear economic vision for Africa... We don't have to do away with that programme. Government should intensify investing in other countries," he said.