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Positive signs of investor confidence in SA - Ebrahim Patel

Minister Ebrahim Patel says government will be reviewing key infrastructure projects in its fight against state capture and corruption.

A screengrab shows Economic Development Minister Ebrahim Patel.

CAPE TOWN - Economic Development Minister Ebrahim Patel says the new mood of optimism in the country must translate into more jobs, a stronger economy and deeper transformation.

He's told Parliament there are already positive signs of new investor confidence in the economy.

At the same time, he says government will be reviewing key infrastructure projects in its fight against state capture and corruption.

Patel was speaking during the debate on President Cyril Ramaphosa's State of the Nation Address.

The minister says there’s a new mood of buoyancy and optimism.

“In the weeks and months ahead, we must build on that optimism and translate it into more employment, a stronger economy and deeper transformation.”

Patel says positive signs of a confidence boost include Old Mutual reversing its decision of 20 years ago to make London its global headquarters and come home.

On state capture, Patel referred to the serious allegations facing state-owned entities like Eskom, Prasa, Transnet and Denel.

“To root out corruption, government will ensure that key infrastructure-linked projects are reviewed and that Cabinet receives reports on actions by law-enforcement agencies to recover monies improperly paid out and that implicated officials are charged."

He says the Public Investment Corporation and the Industrial Development Corporation have already started work on the economic cost of corruption and how to address this.

(Edited by Shimoney Regter)