South Africa remains attractive investment destination: Zuma

1

Although the World Investment Report‚ released by the United Nations Conference on Trade and Development‚ showed that aggregate global foreign direct investment (FDI) inflows had declined‚ South Africa had still attracted a substantial $5.7-billion in 2014‚ President Jacob Zuma told Parliament during Thursday’s oral replies to the National Assembly.

Democratic Alliance‚ Mmusi Maimane‚ had asked the president:

“Despite anecdotal evidence showing new instances of investment into the country‚ the United Nations’ Conference on Trade and Development’s 2015 World Investment Report found that foreign direct investment (FDI) in the country decreased by 31% during the period under review and also found that outward FDI flows increased by more than 10% as South African companies sought profits elsewhere in the world‚ what plans and targeted interventions does the government have in place to turn the tide of dwindling foreign investment and ultimately the loss of jobs because of this decreased business confidence in our economy?”

In his answer‚ the president said‚ “South Africa was again the largest recipient of FDI on the African continent. South Africa also remains an attractive investments destination as per the latest Ernst and Young attractive destination survey.

“Multinationals have affirmed South Africa as a regional manufacturing hub and have retained and expanded their investments in new plants. Many companies have invested in expansions‚ upgrades and new plants in South Africa.

“However‚ South Africa cannot be complacent. During the State of the Nation Address‚ I announced a nine point plan to push the economy forward‚ ignite growth and create jobs. Government is also committed to improve the investment climate and enhance the ease of doing business.

“The nine point plan consists of the following: Revitalisation of the agriculture and agro-processing value-chain; advancing beneficiation and adding value to our mineral wealth; more effective implementation of a higher impact Industrial Policy Action Plan; unlocking the potential of SMME‚ co-operatives‚ township and rural enterprise; resolving the energy challenge; stabilising the labour market; scaling-up private-sector investment and growing the ocean economy.

“We are also intervening in cross-cutting areas to reform‚ boost and diversify the economy which are interventions in: science‚ technology and innovation; water and sanitation; transport infrastructure; broadband rollout and state-owned companies.

“Government is also committed to improve the investment climate and enhance the ease of doing business.”

The president said the one stop inter-departmental clearing house to attend to investor complaints and problems had been established as promised.

“In addition to South Africa being a destination for FDI‚ we are now also an important source of FDI on the African continent.

“The African continent is the next growth frontier. South Africa is in the fortunate position of having identified the growth opportunities in our continent many years ago.

“This is why our trade policy prioritises regional development through the Tripartite Free Trade Area‚ which was signed last month in Egypt as well as the envisaged Continental Free Trade Area.

“These agreements do not only open the door to South African exports. They also provide investment opportunities for companies owned by South Africans or which are domiciled in South Africa.”

The president said these investments showed the extent to which South African entrepreneurs and companies had become serious participants in the global economy due to successes at home.

Source: RDM News Wire.

South Africa Today – South Africa News

Related Post

Armed response escape flying bullets unharmed in B... A Blue Security armed response officer was lucky to survive a shooting unharmed after he disturbed a gang of armed robbers on the Berea at the weekend...
GladAfrica tender scandal in Tshwane now completel... Rapport newspaper reported this past Sunday that the new DA mayor in Tshwane Stevens Mokgalapa and the rest of his DA councillors now suddenly appear ...
Political left’s, and leftist media’s hatred... The deadly sin of speaking the truth in politics was highlighted this weekend in Australia again. The world is shocked about the massacre of 50 people...
ANC’s Mazibuko: ‘White and Indian offi... "The Gauteng MEC for Arts, Culture, Sport and Recreation, Faith Mazibuko, must be dismissed," says Philip van Staden, FF Plus MPL in Gauteng. The F...
Disclaimer: The views of authors published on South Africa Today are their own and do not necessarily represent the views of South Africa Today. By viewing, visiting, using, or interacting with SouthAfricaToday.net, you are agreeing to all the provisions of the Terms of Use Policy and the Privacy Policy.