Economic envoys 'have to make up backlog of 10 years of no activity'

Former Finance Minister Trevor Manuel is part of the team appointed by President Cyril Ramaphosa to boost South Africa’s economy by collecting $100 billion in investment.

Trevor Manuel attended the investment conference on 26 October 2018 at the Sandton Convention Centre which is being attended by more than 1,000 local and international business role players. Picture: @Hlengi/Twitter

JOHANNESBURG - Former Finance Minister Trevor Manuel says President Cyril Ramaphosa's economic envoys are faced with the challenge of making up a backlog of 10 years of economic inactivity and policy uncertainty.

He was speaking on the sidelines of the investment conference at the Sandton Convention Centre which is being attended by more than 1,000 local and international business role players.

Manual is part of the team appointed by Ramaphosa to boost South Africa’s economy by collecting $100 billion in investment.

He says over the past 10 years, South Africa has essentially been closed for business and the economic envoys have had to start the process of reversing the damage that’s been done.

“We haven’t for many years been in a consolidatory campaign to attract investment like we have to do now. It’s essential that we do this, but we have to make up a backlog of 10 years of no activity.”

Manual says since the beginning of this campaign he has received invites from more countries wanting to invest in South Africa.

So far, R134 billion has been announced in investments by 10 local and international companies.

More investment announcements will be made later on Friday afternoon.

(Edited by Thapelo Lekabe)