BLSA calls on members to ramp up their local investment
There’s no investment strike, we ask our members to put their money where their mouth is, says Business Leadership SA CEO Bonang Mohale
As business and the government work to rebuild their relationship, Business Leadership SA (BLSA) is talking to its members as it seeks to encourage local investment. This comes after President Cyril Ramaphosa announced the appointment of special investment envoys as part of his plan to attract $100bn (or R1.2-trillion) in new investment over the next five years. The envoys have been tasked with convincing local and foreign businesses to invest in SA. Since 2008, foreign direct investment (FDI) has fallen from 24% of GDP to 19%. The government aims to push FDI to 30%, in line with the National Development Plan. "Part of the investment we want to eke out is from local companies. We want companies sitting on large reserves on their balance sheets to invest in our country," Ramaphosa said on Monday. While BLSA CEO Bonang Mohale has denied that business has ever been on an investment strike, the University of Johannesburg’s Centre for Competition, Regulation and Economic Development said...