Foreign investment into SA strengthened ‘phenomenally’ in 2018, Cyril Ramaphosa says
Ramaphosa said in his Sona that the government had set itself the target of being among the top 50 global performers in terms of the annual Ease of doing Business report
The government is to continue its drive to attract foreign direct investment (FDI) into SA, with R70bn flowing into the country in the first three quarters of 2018, compared with R17bn in the whole of 2017, President Cyril Ramaphosa said in his state of the nation address (Sona) on Thursday. This was a “phenomenal achievement” compared to the low level of investment in the previous years. “We aim to raise even more investment this year,” he said. In 2018, Ramaphosa set a target to lure investments of $100bn by 2023 in an attempt to stimulate economic growth, which has been falling far short of the 5.4% annual target set in the National Development Plan. 2018's Investment Conference attracted about R300bn in investment pledges from South African and international companies, he said, adding that this conference would be hosted again in 2019.
“To prove that our investment conference was not just a talk shop where empty promises were made, as we speak, projects to the value of R1...