President Cyril Ramaphosa has successfully secured £50M (R857M) funding from the United Kingdom(UK) to help South Africa improve its business environment, making it more attractive to investors with the aim of creating jobs and opportunities. This agreement was reached between the President and the British Prime Minister Theresa May.
Points of discussion during the meeting included the potential for reinvigorating and revitalising the partnership between the UK and South Africa, where May said Britain was ready to support South Africa’s transformation and National Development Plan.
This investment by the UK follows the President’s announcement on Monday evening that South Africa would be hosting a major investment conference in August or September 2018, which aims to raise over R1trillion in new investments over five years.
“The investment conference, which will involve domestic and international investors in equal measure, is not intended merely as a forum to discuss the investment climate. Given the current rates of investment, this is an ambitious but realisable target that will provide a significant boost to our economy,” said Ramaphosa,
Ramaphosa also unveiled the names of four ‘special envoys on investment’, who he said would spend the next few months engaging both domestic and foreign investors around economic opportunities in SA.
The team includes;
- Former minister of finance Trevor Manuel,
- Former Deputy Minister of Finance Mcebisi Jonas,
- Executive Chair of the Afropulse Group Phumzile Langeni,
- Chair of the Liberty Group and former Standard Bank Head Jacko Maree.
“They will be travelling to major financial centres in Asia, Middle East, Europe and the Americas to meet with potential investors. A major part of their responsibility will be to seek out investors in other parts of Africa, from Nairobi to Lagos and from Dakar to Cairo,” he said.
The President also named businesswoman Trudi Makhaya as his Economic Advisor and the person who will coordinate the work of the four special envoys and arrange a series of investment roadshows in preparation for the conference.
Makhaya holds a number of degrees in Business and Economics, including from Oxford University and the University of the Witwatersrand, she has vast experience in the financial sector.
“Our task, as South Africans, is to seize this moment of hope and renewal, and to work together to ensure that it makes a meaningful difference in the lives of our people,” said Ramaphosa.
“This requires tough decisions to be made to close the fiscal gap, stabilise debt and restore the health of state-owned enterprises”, he said
Earlier in the year Team South Africa attended the annual meeting of World Economic Forum held in Davos, Switzerland led by President Cyril Ramaphosa. South Africa’s theme for was “Reigniting Growth Momentum”.
Upon return from the forum, President Cyril Ramaphosa said “the South African delegation returned with a “bag full of investment commitments”,
This means that the investment drive announced by the President then now being implemented.
“Many of the business leaders I have met here have said they are buoyed by this new mood in the country. We want to hear the investing world saying that your message is clear, positive and forward-looking It is the type of message that you can have confidence in and correct some of the missteps in the past,” said Ramaphosa.
The success of the investment will be one that positively impacts South Africa and paints the Nation Brand with strokes of a better brighter economy.