‘Investors at #WEF2016 lining up for a piece of SA’s power pie’

Foreign investors have been impressed by the way in which SA has moved to solve its energy woes.

FILE: Energy Minister Tina Joemat-Pettersson. PICTURE: EWN.

SWITZERLAND - Energy Minister Tina Joemat-Pettersson says foreign investors at the World Economic Forum are "queuing up" to invest in South Africa's energy sector.

Joemat-Pettersson is part of South Africa's delegation in Davos aiming to sell the country as a safe investment destination.

The forum, which started on Wednesday, has seen over 2,500 participants from more than 100 countries attending debates, workshops and briefings on finding solutions to global problems.

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The minister says the success of South Africa's renewable energy procurement programme is largely responsible for what she calls overwhelming investor interest.

She says foreign investors have been impressed by the way in which South Africa has moved to solve its energy woes.

Despite reports that foreign direct investment into South Africa has fallen, the minister is confident her department will move investment in the right direction.

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Joemat-Pettersson has also reassured South Africa that future investments coming from the World Economic Forum will allow the country to better grow its economy.

She says this year's forum has yielded far better results than her previous visit to Switzerland.

The energy minister says she believes the negative perception of South Africa's energy sector has been turned around.

"The negative perception that there's no investor confidence has now been proven to be wrong. There is investor confidence, we need to now match what they would like with what we want."

She adds the particular interest in the country's independent procurement plan for renewable energy serves as proof that her department is not simply patting itself on the back.

"If the programme was a failure, there would have been no interest. The programme is a success story and we are overwhelmed by the interest."

According to the minister, private investment companies from France, Germany and America have shown interest in investing in South Africa.

Visit the Eyewitness News World Economic Forum 2016 special feature.