South Africa positioned as premier investment destination, says President Ramaphosa
South Africa Emerges as a Prime Investment Hub: In a recent statement addressed to the nation, President Cyril Ramaphosa highlighted South Africa’s growing appeal as an investment destination, citing significant achievements in various sectors and emphasizing the country’s stability and potential for economic growth.
Last year, the South African automotive industry reached a historic milestone by exporting its six millionth vehicle, showcasing resilience amidst global economic challenges. The sector’s success underscores the country’s attractiveness for investors, with leading global manufacturers like BMW, Volkswagen, and Mercedes-Benz expanding their operations and making substantial investments.
Volkswagen’s recent announcement of a R4 billion investment to enhance its Kariega plant in the Eastern Cape reflects a broader trend of increased investment in South Africa. This investment is projected to create thousands of jobs and stimulate economic growth in the region.
President Ramaphosa emphasized the importance of investment across various industries, highlighting its role in job creation, supporting local suppliers, and boosting revenue. He noted that South Africa has consistently attracted positive foreign direct investment (FDI), with FDI inflows amounting to R96.5 billion last year alone.
The President outlined key sectors attracting investment, including manufacturing, mining, and financial services, underlining the country’s commitment to supportive industrial policies. He also pointed out South Africa’s favorable fundamentals, such as robust institutions, abundant natural resources, and strategic geographical location.
“We have invested a lot of effort into improving our capacity to plan, package and finance major infrastructure projects, creating new investment opportunities in energy, housing, logistics, manufacturing and other areas.”
President Ramaphosa acknowledged ongoing efforts to improve the business environment, streamline regulatory processes, and address challenges like electricity supply and infrastructure. He stressed the government’s commitment to creating an enabling climate for investment and promoting sustainable economic recovery.
In conclusion, President Ramaphosa emphasized the critical role of investment in driving economic growth and job creation in South Africa. He reaffirmed the government’s dedication to attracting higher levels of investment, both domestic and foreign, to ensure a prosperous future for the country.
