Mbeki welcomes investment

2005-09-17 11:03

New York - President Thabo Mbeki on Friday welcomed the commitment by the Head of the New York Common Retirement Fund, Alan Hevesi to increase their investment in South Africa to $318m from their current investment of $238m to boost Black Economic Empowerment.

Hevesi, the New York Comptroller, announced during a joint press conference with President Mbeki, that the new investment totalling $80m will be invested in private equity funds of Ethos and Braits, with a view to boosting black economic empowerment.

President and Mrs Mbeki are currently in New York leading a South African Government delegation including Minister of Foreign Affairs, Dr Nkosazana Dlamini Zuma and her Director-General, Dr Ayanda Ntsaluba to the Millennium Review Summit and the 60th Session of the UN General Assembly.

Earlier on Friday, President Mbeki supported by Minister of Social Development, Dr Zola Skweyiya, attended the inaugural launch of the Clinton Global Initiative against poverty.

Reforming the UN

President Mbeki participated in a panel discussion on "Escape from poverty" with Dr Javier Solana the EU's high Representative on Foreign and Economic Policy.

President Mbeki will conclude his visit to New York on Saturday with an address to the 60th Session of the UN General Assembly regarding the UN outcome document on the comprehensive reform of the international body.

Later on Saturday, President Mbeki supported by Minister Dlamini Zuma will receive a courtesy call from US Secretary of State, Dr Condoleezza Rice and hold further bilateral discussions with Iraqi President Ibrahim Al-Jaffari.

- SAPA