Come to SA, Zuma tells investors at WEF

Durban - South Africa is the only country in the world where racism had been institutionalised and therefore the country needs to work that much harder to close the gap between rich and poor, said President Jacob Zuma on Wednesday.

Speaking to the media on the sidelines of the World Economic Forum (WEF) on Africa, which is taking place in Durban until Friday, Zuma said the time has come to stop lamenting inequality and do something about it. 

“In South Africa for example we are talking about radical economic transformation to achieve inclusive growth. We as Africans are no longer remaining behind and let(ting) people talk on our behalf. We’re talking among ourselves and we are therefore debating with the world about the solutions," Zuma said.

He added that South Africa should be even more focused to find a solution. “In South Africa, which by the way is the worst of all because no other country has ever practised institutionalised racism (as SA has), we have an additional point and that’s why we need to be more focused as to what we need to do.”

Zuma said change is happening the world over and cited the US and UK as examples. “The world is changing. Otherwise it would be stagnant. People today talk about the fourth industrial revolution. Our thinking must change. I say Africa is placed in a situation where it can stretch its imagination.

“Therefore come to South Africa. The very fact that there is unprecedented attendance (at this year’s WEF) indicates the world is moving with the development,” Zuma said.

“We’re no longer discussing theory; we’re discussing doing business with Africa – we are interconnecting Africa. The message is: come to Africa – this is where things are happening.”

Read Fin24's top stories trending on Twitter:

ZAR/USD
17.28
(-1.55)
ZAR/GBP
22.54
(-1.12)
ZAR/EUR
20.29
(-1.21)
ZAR/AUD
12.29
(-1.03)
ZAR/JPY
0.16
(-1.66)
Gold
1969.95
(-0.56)
Silver
24.18
(-0.87)
Platinum
907.00
(+0.61)
Brent Crude
43.61
(0.00)
Palladium
2103.30
(+2.22)
All Share
55966.46
(+0.44)
Top 40
51684.73
(+0.62)
Financial 15
9934.04
(-2.19)
Industrial 25
75105.87
(+0.80)
Resource 10
56278.36
(+1.30)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 797 votes
It depends on how the funds are used.
74% - 5288 votes
No. We should have gotten the loan elsewhere.
15% - 1051 votes
Vote