Cape Town - Minister of Trade and Industry (DTI), Rob Davies, on Tuesday assured investors of policy certainty, pledging to further improve South Africa’s investment climate and investor facilitation service.
Concerns have been mounting amid a new spate of violence against foreigners in parts of the country. There is also concern among investors over South Africa’s ongoing land reform characterised by land expropriation without compensation.
Davies said South Africa is a renowned investment destination that protects investor rights, is signatory to international treaties that reinforce trade in goods and services, and safeguards intellectual property.
Policy certainty on the country’s information and communication technology (ICT) landscape and noticeable improvements on foreign direct investment (FDI) ranking indices have underpinned the strides South Africa has made in securing investment in digital, ICT and 4th Industrial Revolution industries, the minister said.
According to Davies, South Africa won the Investment Promotion Award at the just-concluded 2019 Annual Investment Meeting held in Dubai.
The meeting recognised InvestSA, a government-sponsored project, for facilitating the most innovative and digitally orientated investment projects for 2018, Davies said.
The award reaffirms the commitments made by President Cyril Ramaphosa to aligning the country’s economic development priorities on securing innovative investment projects in digital and technology fields to ensure the country is able to achieve Vision 2030 goals, Davies said in a statement distributed by the Department of Trade and Industry.
South Africa’s investment mobilisation drive is gaining traction and the latest data from the South African Reserve Bank and the United Nations Conference on Trade and Development (UNCTAD) indicate a major increase in FDI from previous years, Davies said.
“We have turned the corner, improving our investment climate and investor facilitation service,” he said.
Through the “One-Stop” approach, InvestSA can compete among the best, is capable to facilitate large-scale investment projects and has developed a significant investment pipeline, Davies said.
The One-Stop initiative is geared toward providing investors with services to fast-track projects and reduce government red-tape when establishing a business. It is part of the government’s drive to become investor-friendly by improving the business environment by lowering the cost of doing business as well as making the process easier.
Davies said South Africa was recently awarded the top global award by UNCTAD for its excellence in boosting investment sectors that have social and economic benefits and help countries meet the Sustainable Development Goals.
“Also we were named as the Global Destination of the Year at the 2018 Global Sourcing Association Awards ceremony alongside the Global Sourcing Summit in Cape Town,” he said.
InvestSA will continue to lead efforts in improving digital infrastructure, facilitating digital skills development, and addressing supply-side constraints to enhance the attractiveness of the sector, Davies said. - Nampa/Xinhua