President Cyril Ramaphosa. File photo: ANA

JOHANNESBURG - Independent business organisation Sakeliga has welcomed the memorandum on corruption, BEE, and other "threats to the rule of law and investment" in South Africa reportedly sent to President Cyril Ramaphosa by leading countries, including the United States, United Kingdom, Germany, the Netherlands, and Switzerland.

“Clearly, foreign investors and governments of foremost countries remain deeply concerned about South Africa as an investment destination despite the best assurances of President Ramaphosa. The willingness of these countries’ governments to apply pressure is encouraging,” Sakeliga CEO Piet le Roux said on Sunday.

“Like local investors, their foreign counterparts are not buying the narrative that South Africa’s disturbing current trajectory is simply the result of nine unfortunate years and that a change in leadership of the ANC has turned the country around. We want to see actual progress on clamping down on corruption at the top, and in reversing government’s destructive overreach – with policies like BEE – into the economy,” he said.

Sakeliga would continue to work for a constitutional order and a free economy in South Africa, and welcomed all efforts by governments and investors, both local and foreign, to do the same, Le Roux said.

With more than 12,000 members from across all sectors of the economy, Sakeliga says it is one of the largest business organisations in South Africa.

According to media reports, the five countries had warned that Ramaphosa's international investment drive could fail if he did not act against perpetrators of state capture, corruption, and other crime.

Concerns about obstacles to foreign investment reportedly included constant changes in the mining regulatory framework.

African News Agency (ANA)