Buthelezi says SA’s potential economic investment is great despite downgrade

Buthelezi said a report placing South Africa as number 25 in the world as a preferred investment destination gives them courage.

Deputy finance minister Sfiso Buthelezi. Picture: Clement Manyathela/EWN.

JOHANNESBURG – Despite the country’s sovereign credit rating being downgraded to junk status, Deputy Finance Minister Sfiso Buthelezi said the country’s potential economic investment is great.

Buthelezi was speaking in Braamfontein on Friday ahead of the World Economic Forum on Africa 2017, asking place next week in Durban.

The country has been downgraded to junk status by two ratings agencies with another one, Moody’s, putting the country on watch for a downgrade.

Buthelezi said a report placing South Africa as number 25 in the world as a preferred investment destination gives them courage.

“Because for them to come to that conclusion, they would have looked at other things, how strong our institutions are, how strong our democracy is, how strong our financial sector is and how good our economic infrastructure is.”

He said this is the good news government will take to potential investors at next week’s World Economic Forum, as it promotes South Africa as a valuable investment destination.

Buthelezi said they want investors to see opportunities to partner and work with the country towards inclusive growth.

(Edited by Leeto M Khoza)