Boom! Ramaphosa’s #Sona2019 good news story is foreign direct investment

In just under a year of Cyril Ramaphosa’s presidency, he has managed to rack up R70 billion in FDI – and that was just in the first three quarters of 2018.

A screengrab of President Cyril Ramaphosa delivering his State of the Nation Address in the National Assembly in Parliament on 7 February 2019.

CAPE TOWN - President Cyril Ramaphosa said during his State of the Nation Address on Thursday that the first three quarters of 2018 has had an inflow of R70 billion of foreign direct investment.

This was in stark contrast to the R17 billion the president said was collected in 2017.

The president also said that the concentration of wealth in South Africa was set up too.

The inaugural South Africa Investment Conference last year was a success and would take place again in 2019. He said the conference spurred on the drive to collect R1.2 trillion in investment over five years.

He also said that to ensure South Africa remained attractive for investment, a team has been established to ensure policy, legal, regulatory and administration was improved so as not to frustrate investors. The team comprises members from the Presidency, Invest SA, National Treasury and the Department of Planning, Monitoring and Evaluation, and will report back to Cabinet monthly.

South Africa is currently ranked 82 of 190 countries in the World Bank’s yearly Doing Business Report. His aim, he said, was to be in the top 50 global performers in the next three years.

The president has also tasked each of the nine provinces with creating an investment book for themselves. He said KwaZulu-Natal has already finalised this and was waiting for the same from the rest.

The Public-Private Growth Initiative was expected to grow 19 sectors of the economy over the next five years. The industries include mining, renewables, manufacturing and agriculture. The initiative was set up by concerned businesspeople in the private sector.

READ: President Ramaphosa’s Sona 2019 full speech

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