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Gordhan: Attracting investors is a big task

The finance minister says investors want to see evidence of action taken to grow the economy.

FILE. Finance Minister Pravin Gordhan at a pre-Budget speech media briefing in Parliament on 24 February 2016. Picture GCIS.

JOHANNESBURG - Finance Minister Pravin Gordhan has told delegates at the Socio-Economic Future of South Africa (Sefsa) summit that drawing the attention of investors to South Africa will take more than the presentation of plans.

Gordhan attended the two-day summit as a guest, where he shared some of the lessons he's learned from his recent investment roadshow abroad.

He told civil society leaders gathered in Johannesburg that investors want to see evidence of action taken to grow the economy.

Gordhan says emerging economies likes South Africa need to have plans accompanied by proactive undertakings, to draw investors.

While the minister didn't make a formal address, Nick Binedell of the Gordon Institute of Business Science (GIBS) spoke on some of the lessons the finance minister shared.

"We are blessed with a Constitutional democracy and a legal system, and a media. I think part of his message was that those institutions are vital."

Sefsa leaders agree that South Africa's economy needs to become more inclusive to undo a constant cycle of inequality.

'ELIMINATE THE CORRUPT FEW'

Veteran African National Congress (ANC) leader Reverend Frank Chikane says the South African majority needs to crowd out a minority who are mostly responsible for corruption in the country.

Chikane spoke at the closing of the summit yesterday.

He says although much has been done since 1994 to address the needs of many South Africans, corruption is preventing effective progress in tackling inequality.

Chikane says those who want to benefit alone from the country's resources must be rooted out.

"Those minority people who want to benefit alone and control the politicians, and make decisions on behalf of the minority…"

He says systems that only promote the economic development of a minority must also be done away with.

"We need to crowd out people who are prisoners of systems that benefit the few."

But he says such changes can only be made if all South Africans stand together.

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