South Africa Aims To Attract Foreign Investment To Promote Inclusive Growth – Deputy President

The South African government wants to attract foreign investment to promote inclusive growth and address the challenges faced by marginalized communities.

Speaking to Members of Parliament (MPs) in the National Assembly on Thursday, Deputy President Paul Mashatile discussed various topics including his recent working visit to Ireland and the United Kingdom.

The deputy president noted that investors from Ireland and the United Kingdom are interested in various sectors in South Africa including finance, energy, transportation and infrastructure development.

He explained that the main goal of these meetings was to show the world and investors that South Africa is stable and open for business. He mentioned that they received a warm welcome during all of their discussions.

While in the United Kingdom, the Deputy President met with over 20 institutional investors who are already investing in South Africa. He also spoke with the UK government to strengthen their long-standing bilateral relations and explore new initiatives to enhance trade and investment.

After the working visit, the government agreed to improve existing initiatives and look for new opportunities to keep strong trade and investor interest.

"We anticipate that the upshot of our visit will contribute to an increase in the UK investors who have shown a strong interest in doing business in South Africa," he said, SA News reported.

He added, "[Eskom and Transnet] dealt with issues of energy, rail and port projects and water infrastructure projects, including the handing of the investment project book that was developed by Infrastructure South Africa."

The deputy president stated that the government is making efforts to engage with the private sector, especially foreign investors who want to invest in South Africa. The government is working hard to ensure that the regulatory frameworks are investor friendly.

He noted that many of the investors they met were pleased and expressed their intention to take advantage of opportunities in South Africa. This would help create the jobs needed and empower many people, especially young individuals.

Mashatile stated that the government is committed to addressing the high cost of living and improving public service. He also mentioned that South Africa wants to benefit the entire African continent during its G20 Chairmanship by promoting infrastructure programs.

When leaders from various countries visit, they come with large delegations, including business people looking for opportunities. Hence, the deputy president emphasized the importance of having good infrastructure in place to ensure that meetings can be held smoothly across the country.