South Africa-Economy-Investment

S/Africa's investment drive bearing fruit - Bank

APA-Pretoria (South Africa)

President Cyril Ramaphosa’s aggressive efforts to boost the country’s stagnant economic growth are yielding results, South African Reserve Bank (SARB) figures have shown.

The SARB said in its Quarterly Bulletin on Sunday that inward direct investment increased from only US$1.94 billion in 2017 to $5.1 billion in 2018.

South Africa’s direct investment liabilities, however, reverted from an inflow of $2.1 billion in the third quarter of 2018 to an outflow of $585.7 million in the fourth quarter.

This, the report said, was due to the repayment of short-term loans by South African subsidiaries to foreign parent companies.

Ramaphosa hosted the inaugural South Africa Investment Conference in October 2018, during which foreign investors pledged nearly $20.7 billion worth of investment announcements over the next five years.

The investments were a culmination of a six-month investment drive by envoys tasked with globetrotting in search of over US$100 billion worth of investments over the next five years.

Former Finance Minister Trevor Manuel, former Deputy Finance Minister Mcebisi Jonas, businesswoman Phumzile Langeni as well as retired banker Jacko Maree form part of the team of envoys searching for investors with deep pockets. Presidential economic advisor Trudi Makhaya is also part of the team.

NM/jn/APA

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