#BricsSummit: Business Leadership urges SA private sector to match investment
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JOHANNESBURG - Business Leadership South Africa (BLSA) on Thursday urged the local private sector to help build on the Brics Summit by matching and taking advantage of the investment opportunities presented by the summit and associated business forums.
This follows an announcement of U.S.$14,7 billion worth of investments by China ahead of the Summit, complementing the pledges of U.S.$10 billion each from Saudi Arabia and United Arab Emirates (UAE) earlier this month.
BLSA chief executive, Bonang Mohale, said that they have, over the last few months, been working with presidential special envoys to help drive the project to recruit U.S.$100 billion in foreign direct investment and another U.S.$100 billion made up of domestic direct investment.
"The investment announcement was a timely boost ahead of such an important gathering. We would like to see the local private sector match these efforts and help unlock the opportunities presented by these investments," Mohale said.
"Our board remains committed to ensuring that local business matches – rand-for-rand – the FDI target. We are confident this is achievable. Already, one of our members – Sappi – has just announced R7,5 billion over the next five years."
The 10th Brics Leaders' Summit continues in Johannesburg and is attended by all heads of states from Brazil, Russia, India, China, and South Africa on Thursday.