President Cyril Ramaphosa. FILE PHOTO: Phando Jikelo/ANA

PARLIAMENT – Fresh out of the Medium-term Budget Policy Statement (MTBPS) and South Africa's investment summit this week, President Cyril Ramaphosa will travel to Germany next week for the G20 Investment Summit.

The MTBPS was welcomed by the CEO Initiative stating that it had a strong focus on containing expenditure to strengthen the fiscal framework, as well as the proposal of the crucial reforms necessary to create an environment that is conducive to achieve sustainable and inclusive economic growth.

Co-Convenor of the CEO Initiative Jabu Mabuza said: “We acknowledge that we are trying to add impetus to our economy at a particularly challenging time in terms of both local and global economic conditions.”

President Ramaphosa received an invite from German Chancellor Angela Merkel, the government said on Thursday.

In a statement on Wednesday's fortnightly cabinet meeting, the government said the summit will involve a meeting of German businesses and the Compact with Africa (CWA) countries and a business roundtable. Both meetings will be held in Berlin on October 30.

"The G20 Investment Summit will bring together German business and CWA Countries to explore investment opportunities under the framework of the G20 Partnership with Africa," the statement said.

"German investors will present flagship projects currently undertaken in the CWA Countries and explore further opportunities on the continent."

AFRICAN NEWS AGENCY (ANA) and BUSINESS REPORT ONLINE