South Africa still open for Business….!

South Africa still open for Business….!
01.11.2016 09:30 am

South Africa still open for Business….!


Early this month saw the minister of finance Mr Pravin Gordhan leading a delegation of business leaders, leaders of labour and senior government officials on an outreach mission to New York on 04 - 05 October around a theme "SA Tomorrow Investor Conference" which is on its fourth year running, aimed at showcasing South Africa, its institutions and South African companies to investors in the United States and to reassure them that "South Africa is still open for business". The concern has been the broad manner in which Africa is covered, generally focusing on socio-economic turmoil and perceived political strife on the continent as a whole, missing the investment opportunities that countries such as South Africa presents.

In the past the conference focused on attracting broad audience including institutional investors in the equities and fixed income space as well as US corporate and wealth managers. However, this time around, the Minister of Finance specifically conducted meetings with US investors that are already invested in South Africa, as well as those that are interested in investing in South Africa ranging from sectors such as renewable energy, telecommunications and information communications technology, infrastructure and logistics to manufacturing in general.

One of the key takeaways from the minister's engagements is that government and stakeholders have made significant progress in keeping the momentum on reforms on the labour market, improving the performance of state owned companies, supporting small businesses as drivers of employment creation, regulatory framework, and the steps to achieve more supportive business environment. These were steps announced in his 2016 Budget commitments, the implementation of which remain on track ensuring that the country remains attractive for investment resulting in business flourishing, creating new jobs and ensuring inclusive growth for citizens.

Earlier on Monday  the Rand surged against the dollar after the National Prosecuting Authority announced that fraud charges have been dropped against finance minister Pravin Gordhan. The rand traded 2.47% stronger against the US currency. The Minister had during the visit early this month in a Bloomberg TV interview referred to the allegations as "political mischief", and that should not distract from the strong institutions and robust legal framework, well-developed and deep capital markets, sound infrastructure, established macroeconomic policy credibility that the country boost of.

Related News

ESG Investment North America Virtual Summit – by Reuters Events Markets

Reuters Events hosts the leading, North American institutional investor forum bringing financially critical ESG insights to mainstream investors. Join a two-day agenda that... Read more »

ESG Investment Europe Virtual Summit – by Reuters Events Markets

Reuters Events hosts the leading institutional investor forum for delivering strategic ESG insights to drive forward-thinking investment policy. Join a two-day agenda that... Read more »

Remitly Announces $85 Million Round as Digital Remittances Surge Globally

Remitly, the mission-driven provider of remittances and financial services for immigrants, announced an additional $85... Read more »

London Derivatives Exchange selects Exberry to deliver matching engine technology

Exberry, the exchange technology pioneer, has been appointed by London Derivatives Exchange (LDX) to provide matching engine technology. The... Read more »

FinecoBank expands UK offering with access to Algebris Funds

FinecoBank today announces the expansion of its investment products with a suite of funds from Algebris.

With the new funds from London... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel