CAPE TOWN, Invest SA, South Africa’s one-stop shop to attract investments, is intensifying efforts to restore investor confidence following a drop in the country’s ranking in a recent global competitiveness report. says
Deputy President Cyril Ramaphosa.
Responding to oral questions in the National Assembly here Thursday, he said the government was addressing concerns raised in the latest Global Competitiveness Index of the World Economic Forum (WEF), which saw South Africa dropping from 47th to 61st position in the rankings.
South Africa’s drop is attributed to an increase in corruption, crime and theft and government instability. That means we need to decisively tackle corruption and address governance challenges as a matter of urgency. At the same time, we need to strengthen our efforts to promote investment,” Ramaphosa said.
Government has established the IMC (Inter-Ministerial Committee) on Investment to oversee our overall investment policy, alignment and coordination and improve the investment climate.”
He added that in consultation with the private sector, the government had established an inter-governmental clearing house, Invest South Africa (Invest SA), as a one-stop shop approach to investment. To counter negative perceptions, Invest SA meets with investors on various platforms and on an ongoing basis to discuss investment opportunities and address investor concerns,” Ramaphosa said.
In view of the slowed growth and the decline in FDI, Invest SA is intensifying its efforts to attract and secure both foreign and domestic investment. Invest SA has formalised a relationship with the World Bank to address South Africa’s ranking in its annual Ease of Doing Business Survey and overall investment climate issues over the medium to long term.
Source: NAM NEWS NETWORK