President Cyril Ramaphosa admitted that investors have every reason to be skeptical of South Africa’s business potential amid a number of ongoing crises.
He was speaking in Sandton on Thursday at the fifth and final installment of the investment conference, and this comes amid stage six power cuts, high unemployment, and poor economic growth.
#SAIC2023 | “This 5th South Africa Investment Conference affirms local and international investor confidence in the structural reforms we have been driving to improve the business environment.” – President @CyrilRamaphosa #InvestSA pic.twitter.com/RgqCCR7TQF
— South African Government (@GovernmentZA) April 13, 2023
While Ramaphosa expects the country to surpass its target of R1.2 trillion, he spoke frankly about the strained domestic finances.
Delivering the opening address as is customary since the inception of the investment conference in 2018, Ramaphosa said the country has faced a number of issues since.
“Since April 2018, we have had to contend with a devastating global pandemic, damaging social unrest, several natural disasters, and a cost-of-living crisis… In addition, we are now confronted with the consequences of years of under-investment, mismanagement, and corruption in our electricity, rail, and logistics sectors.”
Ramaphosa, however, moved to ease anxieties.
“Yesterday [Wednesday], I met with business leaders from some of South Africa’s leading companies… We agreed to undertake practical joint action in three immediate priority areas: energy, logistics, and crime and corruption. We are confident that if we can address these three issues, we will be able to turn our economy around.”
-EWN
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