S. AFRICAN PRESIDENT UNVEILS ECONOMIC STIMULUS PLAN

CAPE TOWN, S. Africa- South African President, Cyril Ramaphosa, on Friday, unveiled a comprehensive economic stimulus plan, with a focus on restoring investor confidence. The measures outlined in the plan, give priority to those areas of economic activity, that will have the greatest impact on youth, women and small businesses, Ramaphosa said.

“It is generally agreed that, in order for our economy to grow, at a rate that will lead to job creation on a meaningful scale, we need to significantly increase levels of investment,” the president said. The plan, he said, is designed to help accelerate the implementation of key economic reforms, that will unlock greater investment in important growth sectors, which include immediate changes approved by the cabinet on Thursday.

Within the next few months, amendments will be made to regulations on the travel of minors, the list of countries requiring visas to enter South Africa, an e-visas pilot to be implemented, and the visa requirements for highly skilled foreigners will be revised, according to Ramaphosa.

“These measures have the potential to boost tourism and make business travel a lot more conducive. Tourism continues to be a great job creator and through these measures we are confident that many more tourists will visit South Africa,” he said.

The plan also makes it imperative that South Africa restores investment and exploration levels in the mining sector. This will revitalise the mining industry and provide certainty to investors, while charting a sustainable path towards a transformed and inclusive industry, said Ramaphosa.

Source: NAM NEWS NETWORK