[South Africa] Government pulling out all stops to improve investment climate, Trade Minister
The South African government is pulling out all the stops to improve the country’s investment climate with the aim of attracting more investments to achieve the target of $100 billion worth of investments set by President Cyril Ramaphosa.
This was said by the Minister of Trade and industry, Dr Rob Davies. He was speaking at a roundtable discussion hosted by the Southern African – German Chamber of Commerce and Industry in Johannesburg today. The event was also attended by the President of Germany, Dr Frank-Walter Steinmeier
“This event is happening in the early stages of what President Ramaphosa calls a ‘new dawn’. This new dawn is about setting our country up on a new trajectory where we are looking at raising the level of our investment by domestic and foreign companies by US$100 billion over five years. In order to achieve that it has been identified that we need to improve the investment environment of this country, hence the government is doing everything possible to improve the country’s investment climate and make it an attractive destination for investors,” said Davies.
He listed a number of interventions that the government has already implemented in order to make the country attractive as an investment destination. These include providing certainty to the mining industry through the mining charter and changes to the visa regulations.
“We have also worked energetically to try and facilitate improved service for foreign and domestic investors through our entity called Invest South Africa. It provides services from an expression of interest to post-investment support to assist investors to find their way through all of the country’s regulatory issues. We have recently added onto their suites of services that they assist investors in finding an appropriate black economic empowerment deal that will add to the wellbeing of the country by supporting black entrepreneurs and assist in broadening the country’s economic base,” added Davies.
Davies also expressed his satisfaction with South Africa’s bilateral trade and investment relations with Germany describing them as “growing, long-standing and solid.”
“Germany is South Africa’s third largest trading partner in the world and the largest trading partner within the European Union. We are happy that our trade relationships are going reasonably well with quite a number of value-added products involved. There are more than 400 German companies operating in the South African economy. Together they employ about 100 000 people,” said Davies.
Davies added that in recent years there had been a steady but slow increase in German investment in SA. He said the dti had recorded 137 projects undertaken by 98 German companies involved in investment of R39 billion and adding 7 500 jobs in the country.
Davies also reiterated that South Africa was part of the African continent that is on a journey to integrate by establishment of, among other things, the continental free trade area which will embrace 1.2 billion people and $3.4 trillion of combined Gross Domestic Product.