South Africa still a viable investment proposition, says Gordhan
As a delegation of South African Cabinet Ministers and business representatives prepares for the World Economic Forum’s (WEF’s) yearly meeting,
to be held next week in Davos-Klosters, Switzerland, Finance Minister Pravin Gordhan has dismissed concerns that domestic political and policy uncertainty could herald subdued future foreign direct investment, asserting that the country still presents an attractive investment proposition.
“Yes, we have had ups and downs, but we are a stable country and it doesn’t mean our ship is about to sink. We’ve met some turbulence, some things have happened, we’ve taken that in our stride and moved on,” he told journalists following a meeting between government and business on Thursday.
While acknowledging a “terrible” global economic climate, Gordhan said underperformance by some developing States had resulted in an unfairly negative view of emerging markets as a whole.
“The message we will be taking to Davos is one that says South Africa is a resilient country, with many plusses, such as business infrastructure, a strong monetary and fiscal policy, advanced infrastructure and a sophisticated business sector.”
Gordhan believed that South Africa remained an attractive destination for countries wanting to establish manufacturing plants or expand their existing plants, “as it is the most sophisticated industrial manufacturing base on the continent”.
Brand South Africa CEO Kingsley Makhubela said: “We’re going to Davos with a solid message and we will talk about what we need to do, not what our problems are.”