South Africa appoints new envoys in drive to raise $100bn
JOHANNESBURG - South African President Cyril Ramaphosa appointed three new envoys, including two former ministers, to help with his drive to attract $100 billion in new investment.
Former Energy Minister Jeff Radebe has been appointed to drive investment in the oil and gas industry, South Africa’s Presidency said in a statement on Monday.
Derek Hanekom, the ex-trade and industry minister, will have a similar remit in the tourism industry, alongside Elizabeth Thabethe, the current deputy tourism minister.
South Africa is scheduled to hold an investment conference in Johannesburg from November 5 to November 7.
Ramaphosa has also established an investment and infrastructure office, to be headed by former Gauteng MEC for Economic Development, Kgosientso Ramokgopa, the presidency said.
Speaking at the investment conference, Stavros Nicolaou, board member of Business Unity South Africa (BUSA), said that the country needs new investments, not only ‘maintenance investments.
Nicolaou pointed out that “investments follow confidence”, and that is what Government needs to fix.
The questions are what kind of company will invest in a country faced with issues such as energy, water a high crime rate and difficulty doing business in?
Nicolaou is confident that the tide is turning. “Yes, we should reduce our debt levels and get on a growth trajectory, the economy should grow at 3% and we have the potential to achieve this if driven by domestic and international investments. SA needs a singular focus, what is what the President aims to achieve with regular weekly Monday meetings between business, labor and government.”
BLOOMBERG / BUSINESS REPORT ONLINE