President Cyril Ramaphosa used his working visit overseas to laud South Africa as a premium investment destination. Briefly.co.za explores the 7 reasons the politician used to back up his claim.
President Cyril Ramaphosa has been a busy man, doing his best to secure investment in South Africa.
Briefly.co.za reported that the president had explained that investment is critical in securing a better future for all who calls the country home.
During his working visit to London, Ramaphosa delivered the opening address at the Financial Times Africa Summit.
The investors, business people and decision-makers present heard why he felt SA was a premium choice for those looking for potential.
Ramaphosa explained the reforms taking place in order to easy business dealings and entering the market. Here's what he had to say:
With load-shedding rearing its ugly head in Mzansi today, energy was a key issue that needed to be addressed. Ramaphosa says that the country is finalising the Integrated Resource Plan. This includes a 'diversified portfolio' of various low-emission technologies.
As far as Eskom's liquidity problems, with mounting debt and operational problems, Ramaphosa says:
"We have embarked on a process to strengthen governance, cut costs, improve revenue collection and increase energy availability and plant performance."
Ramaphosa confirmed that the state has initiated the release of a high-demand broadband spectrum. This will serve to reduce the costs of data.
3. Immigration reform
Immigration reform and changes to the visa regime will serve to attract skilled professionals and tourist to South Africa, says Ramaphosa.
Finance Minister Tito Mboweni's economic reform plan included these initiatives, in which he encouraged friendlier regulations for educated foreigners.
The state is engaged in processing accelerated land reform, something Ramaphosa has said will aid growth:
"They have presented a comprehensive package of measures to resolve what is not only one of the great injustices of our colonial and apartheid history, but is also an impediment to faster, more inclusive growth."
In response to concerns in this regard, Ramaphosa was adamant that the processes will be in line with the Constitution, safeguard property rights and ensure 'equal opportunity'.
5. Industry development
Industries with high growth potential will be the focus of development. This includes automotive, clothing, textile, gas, chemical, plastics, renewable energy, agriculture and high-tech industries.
South Africa is looking to expand trade and investment ties with the Southern African region and the rest of Africa, through the African Continental Free Trade Agreement.
The country is currently the biggest exporter of trucks to the rest of the continent and the fourth largest of vehicles. Ramaphosa says that these exports support 250 000 local jobs.
The country has entered into a trade agreement with the United Kingdom and five other African nations to continue trade in the event of a no-deal Brexit, reports News24.
Ramaphosa highlighted that the agreement is crucial for the thousands of citizens whose jobs are dependant on trade with Britain.
Ramaphosa admitted that the fiscus is under immense pressure, but insists that the government is striving towards ensuring debt sustainability, improve spending and minimising risks from contingent liabilities.
The president said that he is engaged on a regular basis with business leaders and other front-runners in industries.
Acknowledging and tackling the challenges, South Africa will be well-positioned to take advantage of the opportunities in Africa.
BizNews reports that Ramaphosa encouraged investors to look to the continent when considering their next move.
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