Cyril Ramaphosa NHI

Photo: GovernmentZA / Flickr

World Economic Forum: Economy is not creating enough employment

The President urges foreign and local investment opportunities.

Cyril Ramaphosa NHI

Photo: GovernmentZA / Flickr

The World Economic Forum on Africa is well underway at the Cape Town International Convention Centre, and President Cyril Ramaphosa has his eyes set on strengthening South Africa’s position as an investment destination.

World Economic Forum: SA ranks 82nd among 190 economies

In the president’s keynote address, he mentions that in the next two months the second South African Investment Conference will be held in aims of securing an R1,2 trillion investment; as South Africa currently ranks 82nd among 190 economies in the World Bank’s Ease of Doing Business Index.

Ramaphosa notes that the economy is not creating enough new jobs to bring down the overall rate of unemployment.

“We are dealing with the challenges of the present while working to undo the devastating legacy of our past. We are hard at work to stimulate growth, ensure economic stability and restore the credibility of state institutions.”

President Cyril Ramaphosa

The President wants to expand the country into a “one-stop-shop”, to ensure all potential investors find what they are looking for, as the common goal is to make South Africa a destination with ample choices of doing business.

World Economic Forum: The quest for building an equitable economy continues

The Economic Stimulus and Recovery Plan were developed in attempts to alleviate the poor levels of economic growth and job creation. In pursuit of building an equitable economy, the progress will be determined by the success rate of the Economic Stimulus and Recovery Plan.

Ramaphosa urges local investors to grab opportunities presented by the 4IR

Furthermore, the measures implemented to grow the economy will be categorised as macroeconomic stability, as the government also seeks to use the Public-Private Growth Initiative, which involves investment development projects from 19 sectors. This will enable government entities and programmes to be reviewed and aid allocated appropriately.

“This includes a firm commitment by this administration to fiscal prudence, to stabilising public finances and to managing the national debt-to-GDP ratio. The new macro organisation of government I announced earlier this year will once fully implemented, assist in reducing the cost of government.”

President Cyril Ramaphosa

Amid the Fourth Industrial Revolution, Ramaphosa encourages investment opportunities from local investors to grab on the momentum, including direct foreign investment so that domestic investment is stimulated.

The President states he is trying to create an economy which has fertile ground, for businesses that are prepared to invest in human capital; while taking advantage of the Fourth Industrial Revolution, and the opportunities it presents.