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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.

Foreign shop owners gathered what was left of their property after community members looted their stores in Alexandra township on 3 September 2019. Picture: Sethembiso Zulu/EWN

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.

The South African Chamber of Commerce and Industry (Sacci) met with Police Minister Bheki Cele and senior members of the police service on Monday.

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.

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