JOHANNESBURG, S. Africa- With South Africa attempting to attract billions of dollars in investment into its economy, President Cyril Ramaphosa, said, his administration is working hard in addressing all pressing challenges, including regulatory barriers.
“Following thoroughgoing consultations with various role players in our economy, we have been addressing issues of policy uncertainty and regulatory obstacles that have impeded investments in a number of industries,” Ramaphosa told over 1,000 delegates, at the South African Investment Conference in Johannesburg.
The three-day conference, attended by representatives from both local and international businesses, is held under the theme “Accelerating Growth by Building Partnerships.” It aims to raise a total of 100 billion U.S. dollars, from local and international investors in the next five years.
In a country with a 27.2 percent unemployment and stagnant economic growth, Ramaphosa’s administration has been hard at work trying to revive the ailing economy, since his election early this year. “We understand that no meaningful growth and no significant job creation would be possible, without a massive surge in productive investment in the economy,” the president said.
Billions of rand in investment has been pledged since the campaign was announced in Apr. Mining company, Anglo American, said, it would invest 71.5 billion rand (about 4.89 billion dollars), which will go towards sustaining and extending mining operations and create more than 15,000 jobs in several provinces. This would be the largest investment within the mining sector in the country.
Ramaphosa stressed, South African companies are at the forefront of investing in the economy.
Source: NAM NEWS NETWORK