- In his speech, the president addressed fears that government lacked a coherent economic policy and that this policy might change drastically
- Ramaphosa said government was communicating with several stakeholders to make sure that this was not the case
- He said that a task team had been appointed to co-ordinate policy and attract foreign investment
During his State of the Nation Address, Cyril Ramaphosa addressed concerns about policy uncertainty and inconsistency.
The president said that government was in dialogue with various stakeholders to implement policy in a united direction.
He had previously said government would pursue plans to foster inclusive growth and increased foreign investment, but he elaborated on what those plans would mean in concrete terms.
Ramaphosa said that a task team, including Mcebisi Jonas and Trevor Manuel, had been created to drum up investment, with a goal of drawing in $100 billion within the next five years.
Last year, $35.5 billion was pledged from companies like Mercedez-Bens and countries including Saudi Arabia. $20 billion is expected to follow later this year.
Most of these investments were raised at the Investment Conference held in October last year. Ramaphosa said another conference was being planned for later in 2019.
Ramaphosa also announced that policies would be amended to ensure greater competitiveness and remove barriers holding back entrepreneurship, with a particular focus on small to medium enterprises.
Additionally, the president said that plans were in place to encourage South Africa's capacity as an exporter of goods and services, as well as its role as a tourism destination.
Ramaphosa added that 10 million tourists came to the country last year - a major increase from the years before. His goal is for this number to be north of 20 million by 2030.
Ramaphosa said that these measures would stimulate economic growth and reduce unemployment.
"We have focused our efforts much more on reigniting growth of our economy and creating jobs," he said.
Enjoyed reading our story? Download BRIEFLY’s news app on Google Play now and stay up-to-date with major South African news!