RAMAPHOSA ENGAGES POTENTIAL INVESTORS ON SIDELINES OF UN GENERAL ASSEMBLY IN NEW YORK CITY

NEW YORK CITY– South Africa is being re-positioned and re-packaged to attract foreign investment. This is the message which President Cyril Ramaphosa has taken to the potential investors in New York City where he is attending the 73rd United Nations General Assembly session.

The President participated in a roundtable discussion where he presented a number or initiative aimed at injecting life into the country’s ailing economy.

These include a stimulus packaged announced last week which, among other measures, re-prioritizes government spending towards infrastructure development. He also provided certainty on the government’s policy of land redistribution under its expropriation without compensation approach.

We are working on policy issues to ensure that there is policy certainty and consistency. And this we have arrived at after talking to the business sector, the unions and we all agree that if we address this, we will begin to see the business community looking at South Africa in a different way,” added the president.

We are going to an investment conference in October where we hope to raise a hundred billion dollars in the next five years; and we have quite a lot of interest and I invite everyone here who is a would-be investor to come to South Africa because we are open to business, we’re open to investment and we are solving a whole lot of things, from corruption to dysfunctional governance.

Ramaphosa said foreign direct investment is critical, because it strengthens productive capacity through transfer of technology and knowledge, the creation of job opportunities, improvements in human capital and enhanced production processes.

An important milestone in this initiative is an investment conference to be held in Johannesburg on Oct 26, he said.

Meanwhile, speaking at a business forum organized by financial and media group Bloomberg, President Ramaphosa stressed that there will be no land grabs in South Africa under the land redistribution policy.

Ramaphosa said the country’s current democratic government encourages inclusion, allowing all South Africans to participate in resolving socio-economic issues, unlike the apartheid government which was rooted in exclusion.

Addressing delegates at the Opening Plenary of the 2nd Annual Bloomberg Global Business Forum, moderated by former United States President Bill Clinton, he said: We are not going to have land grabs, that is not going to be allowed.

“We are going to make sure that as we embark on land reform it becomes all inclusive, leads to nation building, social cohesion, economic development which will benefit all the people of South Africa. The construct of apartheid was exclusion. The construct of the new democratic government is inclusion.

Source: NAM NEWS NETWORK