Johannesburg, Wednesday 5 February 2014 – There was overwhelming consensus at the Investment Promotion Workshop co-hosted by Brand South Africa and the Departments of Mineral Resources, Trade and Industry and Science and Technology at the Mining Indaba that South Africa is an emerging market that matters.
Delegates at the workshop were privy to South Africa’s competitiveness in various fields – mining, geosciences, science and technology – as well as the strength of its financial and regulatory environment.
Presenters at the workshop included Brand South Africa’s CEO Miller Matola, Director-General of the Department of Mineral Resources, Mr Yunus Carrim of the Department of Trade and Industry, Mr Imraan Patel of the Department of Science and Technology, Ms Martha Mokonyane of the Department of Mineral Resources, Mr Mxolisi Kota of the Council of Geoscience, Mr Matlou Mabokanon of the Technology Innovation Agency, Dr Declan Vogt of the CSIR and Mr Peter Craven of MINTEK.
Making presentations on their various fields of expertise and interacting with delegates, the presenters made a compelling business case for why prospective investors should consider South Africa as an investment destination.
This includes the fact that the South African economy, accompanied by prudent monetary and fiscal policy, has grown from a US$ 80 billion in 1994 to a US$ 400 billion economy. In addition, the South African economy continues to experience uneven global economic recovery.
Despite challenges in the global economic environment as well as domestically in the sector, mining remains a significant contributor to the South African economy with recent research indicating that platinum, coal and gold contribute 66% and 84% of revenue and employment.
Research also shows that the South African economy has diversified in the past 20 years with the increased contribution of banking and real estate to the economy – from 12.5% to 24% – this bodes well for the creation of a knowledge economy.
International investors continue to see South Africa as a reliable investment destination with foreign direct investment projects in South Africa having grown at a compound rate of 22.4% between 2007 – 2012, making South Africa the leading destination of investment into Africa.
Finally participants in the workshop were assured that government and business alike are committed to implementing the National Development Plan which is the vision of the nation South Africa strives to be by 2030.
In this regard, key proposals from the NDP are being implemented, including:
- Making sustainable investments in competitive economic infrastructure
- Increasing the pace of job creation especially for young job seekers
- Encouraging the expansion of businesses and development on new enterprises
- Transforming human settlements and developing a functioning public transport system
- Providing policy certainly to encourage long term investment in mining and other sectors
- Increasing economic integration within Sub-Saharan Africa in areas such as energy production, finance, tourism, communications, infrastructure building and customs administration
In the final analysis, Brand South Africa CEO Miller Matola said, “South Africa is a sound destination for inward flows of investment and is an emerging market that matters”.
The Mining Indaba concludes on Thursday 6 February 2014.
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About Brand South Africa
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