Presidency upbeat after Davos outing

2016-01-23 17:41
President Jacob Zuma.

President Jacob Zuma.

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Switzerland - The South African Presidency welcomed investors after a "successful" World Economic Forum in Davos, Switzerland that concluded on Saturday.

According to the Presidency "the overwhelming sentiment emanating from Davos was that investors continue to see South Africa as a preferred investment destination."

President Jacob Zuma led the high-level Team South Africa delegation and delivered the message that South Africa "is open for business to global investors and other stakeholders," the Presidency said in a statement.

"Team South Africa leveraged the presence of international business, analysts and politicians in Davos to assure the global community of the country's commitment to maintaining policy certainty, fiscal discipline, macro-economic stability and the promotion of inclusive growth and development."

South Africa also reiterated that the National Development Plan, the nine-point plan for economic recovery, and Operation Phakisa were being implemented with a view to ensuring economic and social growth and development.

The current global economic challenges require South Africa to develop a robust and responsive set of measures to ensure economic stability.

The Minister of Finance, Pravin Gordhan said, "there was very positive sentiment expressed towards South Africa and the international community continued to see South Africa as a preferred destination.

"The fact the multinationals – amongst others, Mercedes Benz, BMW, Johnston and Johnston, Marriot Hotels – continue to invest in the country is indicative of this positive sentiment."

In the last week, ICICI Bank of India also announced it would establish an office in South Africa.

Minister Rob Davies said, “We're telling investors that  despite our country's enormous challenges, many due to global shocks – we are resilient."

Challenges

The Presidency also added that “the South African delegation remains cognisant of the challenges imposed by industrialisation on development economies".

The Government also welcomed the following main investments among others: 

Mercedes has invested R2.4 billion, General Motors R1 billion, Ford R3.6 billion, the Metair Group R400 million and  Goodyear R670 million.

BMW has recently increased its investment by R6 billion and VW by R4.5 billion.

Beijing Automobile International Corporation announced an investment of R11 billion in a vehicle manufacturing plant.

Hisense has expanded its South African operations and has recently started exporting into the SADC region from its South African base.

Marriot Hotels has also announced it will increase its South African footprint.

Starbucks, Dunkin Donuts, Krispy Kreme and Facebook have chosen to set up offices in South Africa.

Read more on:    jacob zuma  |  switzerland  |  economy

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