Xenophobic violence negatively impacting on investor sentiment - Sacci
The South African Chamber of Commerce and Industry met with Police Minister Bheki Cele and senior members of the police service on Monday.
JOHANNESBURG - Organised business said that xenophobic violence in South Africa had a negative impact on investor sentiment, which had already been lagging in recent years.
They discussed the attacks on properties owned by foreign nationals.
MTN Group CEO Rob Shuter said even though the company faced disruptions in other markets including Nigeria, where retaliatory attacks were carried out, their biggest worry was how the developments were viewed by shareholders.
“I think the most significant negative implication is more around the [investor] sentiment. MTN Group is owned almost 50% by international investors and so there we will have now a whole other topic to discuss, already on top of other complexities of doing business in these markets,” he said.
South Africa, along with other economies across the continent, were dependent on foreign direct investment to sustain and grow their economies.
#SACCI MTN Group CEO Rob Shuter says they operate in 17 African countries, with more than 200 million customers. He says MTN has been welcomed in all of these markets. “We condemn in the strongest terms these xenophobic attacks”. TM— EWN Reporter (@ewnreporter) September 9, 2019
#SACCI Shuter: The implications of the events in SA has affected businesses elsewhere. He says shareholders are calling to ask what the impact of the xenophobic violence are. “Until we can secure the people who are here and properties, it will be difficult for us to prosper.” TM— EWN Reporter (@ewnreporter) September 9, 2019