SA must prepare for foreign investors, says Mantashe on Total gas discovery

Minister Gwede Mantashe was addressing Members of Parliament during the debate on President Cyril Ramaphosa's State of the Nation Address.

Mineral Resources Minister Gwede Mantashe. Picture: @GCISMedia/Twitter

CAPE TOWN - Mineral Resources Minister Gwede Mantashe says South Africans must accept and embrace foreign investors who want to pour billions of rands into the local economy.

SA offshore gas find could yield 1 billion barrels, says Total

Mantashe was addressing Members of Parliament on Tuesday evening during the debate on President Cyril Ramaphosa's State of the Nation Address in Parliament.

He's responded to comments about petroleum giant Total's gas discovery in the Outeniqua basin off the southern coast of South Africa.

Economic Freedom Fighters leader Julius Malema had earlier called for Total's oil and gas discovery to become a national asset and wanted a sovereign fund to be created.

Mantashe responded: “In the long run, the discovery will impact positively on our energy needs. I want to make this point that South Africa is in the global economy. Therefore, it is not an island state, a barrier or apartheid state. Therefore, global companies will come to South Africa and we must prepare for them.”

(Edited by Shimoney Regter)