Ramaphosa calls for investment, says govt must remove impediments
President Cyril Ramaphosa on Wednesday urged investors to get behind his government's efforts to salvage the South African economy but acknowledged that the government needed to remove impediments.
"We recognise the urgency with which we need to reform our investment promotion architecture to remove policy, regulatory and other impediments," Ramaphosa told a breakfast seminar ahead of the start of the World Economic Forum in Africa in Cape Town.
He noted that South Africa was currently at number 82 out of 190 in the World Bank’s Ease of Doing Business Index and said his administration had set itself the ambitious goal of progressing to the top 50.
Ramaphosa said while quarterly growth figures announced on Tuesday were encouraging "the reality is that our economy is barely growing to address the challenges our country is currently facing".
It was also not creating jobs fast enough, the president told delegates.
He stressed that the country wanted to achieve economic growth together with its developmental aims and said therefore investing in South Africa was not purely about financial returns.
"It is also about staking a claim in the future of a great nation that has the means and the drive to become one of the world’s most vibrant economies," he said.
"I call on all investors present here today, particularly local investors, to be part of this new momentum. We want and need foreign direct investment, and scaled up domestic investment is the necessary catalyst."
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