President Cyril Ramaphosa’s ambitious $100bn investment target must be driven by local investors, his economic adviser, Trudi Makhaya, says. Speaking to business representatives at the Business Leadership SA (BLSA) offices in Sandton on Wednesday, Mkahaya said: "There is an emphasis on foreign direct investment but the basis of it all has to be local investment." In April this year, Ramaphosa announced that Makhaya would lead a group of four special investment envoys — former Standard Bank CEO Jacko Maree, businesswoman Phumzile Langeni, and former deputy finance minister Mcebisi Jonas and former finance minister Trevor Manuel — who will raise $100bn in investment over the next five years. "This is an important priority because without investment we can’t achieve what we want in this economy," Makhaya said on Wednesday. "However, we can’t be over-prescriptive. We have to enable the market and the private sector to pursue projects that will yield results." Given the level of investme...

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