Author: www.wealthplanning.co.za

Article by Kgomotso Modise, EWN 

President Cyril Ramaphosa says government's target to raise $100 billion in investments over five years to accelerate meaningful economic growth is moving full steam ahead.

The three-day summit began on Thursday at the Sandton Convention Centre under the theme “Accelerating Growth by Building Partnerships”.

The president says South Africa has received investment pledges from various countries.

“[We plead] With those countries that have made pledges to convert those pledges to investments. We’ve emphasized the need for more South African companies to lead the investment charge themselves.”

The president says on Friday, local and international companies will make their announcements on their intentions to invest in the country.

“Today, a number of local and international companies will be coming forward to make announcements on investments that they want to make to invest in our economy and they will also be making announcements to expand existing operations in the country.”

Ramaphosa says task teams have been appointed to assist in the process to deal with countries which have made pledges.

He has admitted that state capture and corruption have had a negative effect on the economy but he’s elaborated on the urgent measures that have been taken through commissions.

Ramaphosa has described South Africa as a country in repair mode that’s repositioning its state-owned enterprises.

State capture and corruption have had a negative effect on economy

Ramaphosa has admitted that state capture and corruption have had a negative effect on the economy but he has elaborated on the urgent measures that have been taken through commissions.

“We’ve also established a commission of inquiry into the workings of our South African Revenue Service that collects our taxes.”

He’s also fleshed out his economic stimulus and recovery plan.

“As part of this plan, we are taking immediate steps to finalise reforms in key sectors of our economy, like mining, oil and gas, tourism and telecommunications.”

Ramaphosa has described South Africa as a country in repair mode that’s re-positioning its state-owned enterprises.

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