“Government is working with urgency to guide the economy towards a more sustainable growth trajectory and to restore South Africa to investment grade status at all credit rating agencies,” said the President.

He was speaking at a business seminar on opportunities in South Africa, on the margins of the United Nations General Assembly taking place in New York.

The President also engaged in a roundtable discussion hosted by American businessman, Michael Bloomberg, on investment opportunities in South Africa.

Addressing investors, the President told delegates that South Africa, in a bid to revive its economy, made new investments into the economy a central priority for government. To achieve this, President Ramaphosa outlined government’s ambitious investment drive to raise US$100 billion in new investment over five years.

“An important milestone in this initiative is an Investment Conference to be held in Johannesburg on 26 October.

“The Investment Conference, which will involve domestic and international investors, provides a platform for would-be investors to seek out opportunities in the South African market,” said the President.

Reflecting on investment relations with the United States (US), he highlighted that South Africa was the second-largest destination of US investments in sub-Saharan Africa after Mauritius.

Total bilateral investment, comprising foreign direct investment, portfolio and other investments, stood at approximately R2,2 trillion in 2016.

Investments by US companies into South Africa accounted for about 22% of total inward investments from the world.

There are over 800 US companies doing business in South Africa, accounting for 10% of gross domestic product and employing over 220 000 people.

“It is our intention, through this investment drive, to substantially expand the presence of US companies in South Africa.

“Among other things, this requires that we improve the investment environment in the country and that we take decisive measures to address the key structural challenges in our economy,” said President Ramaphosa.

As part of improving South Africa’s investment service to investors, the President highlighted that government established Invest SA to focus on investment promotion and facilitation.

Invest SA brings together key government departments in a single location to provide specialist advisory services, fast track investment projects and reduce regulatory burdens for investors.

– Source: SAnews.gov.za