South Africa Government to Attract Investment

By Xyla Joelle L. Fernandez

Nov 11, 2016 06:00 AM EST

Deputy President Cyril Ramaphosa says government will continue working with both business and labour in order to enhance its attractiveness to investment.

He said the measures, led by Finance Minister Pravin Gordhan and Business Unity SA President Jabu Mabuza, included practical steps being taken to increase investment, support small enterprise development, address youth unemployment and maintain South Africa's investment grade status.

He also said that, "while some are doing all they can to talk down South Africa's prospects, the country's leading CEOs and labour leaders are working closely with government on measures that will strengthen the economy and promote investor confidence."

*Addressing Youth Employment. 

Deputy President said as part of efforts to address youth unemployment, the CEOs' initiative is developing a program that aims to place one million young people in paid internships in the private sector over the next three years.

He said that by giving young people work experience, the said program will increase their ability to find employments.  He also said that there is an agreement on the establishment of a fund that will make equity investment in small enterprises with growth potential. He also said that the private sector has already committed R1.5 billion to the fund.

The government is said to be remained grateful of the of the support that it continues to receive from business and labour with national and international investors. 

*Invest South Africa.

The government has also received important support from business in establishing Invest SA as a one-stop-shop to streamline and accelerate the investment process. 

Maximizing the benefits of these developments for the economy depends on decisive action to restore confidence. 

The Deputy President also said that they are seeing important progress in strengthening the governance, financial position and operational performance of key state owned enterprises. Cabinet has recently adopted guidelines for the remuneration of directors and executives of state owned enterprises, and endorsed the broad thrust of a guide for the appointment of boards and executive. They had also endorsed a framework for private-sector participation in infrastructure projects, which will broaden the sources of funding for critical economic infrastructure.

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