Ramaphosa, Patel upbeat about investment conference
TRADE and Industry Minister Ebrahim Patel has assured investors that their money will not only build the economy but is needed to expand South Africa's infrastructure.
"We want your money to be invested to build new factories, expand mines, to develop more agriculture to obtain machinery to employ young South Africans,” he said, addressing delegates at SA’s 4th Investment Conference in Sandton.
Patel added the government welcomed businesses which provide services to communities, large businesses who employ millions, black industrialists, global financiers, union leaders, community delegates, manufacturers, producers of energy, miners and filmmakers.
Patel indicated that the conference would also highlight the country’s resilience and that SA has a large contingent of exporting farms.
Last year, on the back of the commodity boom, South Africa exported products valued at R1.8 trillion, representing almost one-third of the country’s GDP.
President Cyril Ramaphosa said although South Africa currently had challenges as a result of Covid-19, the investment conference was a moment of great opportunity and promise.
He said the country’s economy, like so many around the world, has been severely damaged.
“This is a moment of great opportunities and promise for development, business building and for restoring the lives of our people. Our economy has been severely damaged, unemployment has risen, resulting in the loss of some 2 million jobs in South Africa,” he said.
The President said it could have been far worse.
“Had we not acted swiftly to contain transmission and strengthen our health facilities, many more people would have gotten ill and many more lives could have been lost. Had we not introduced an unprecedented social and economic relief package many more businesses would have closed and many more jobs would have been lost and, indeed, many more people would have gone hungry,” Ramaphosa said.
He maintained that due to the decline in Covid-19 infections, hospital admissions and deaths, and thanks to the levels of vaccination and immunity, South Africa had entered a new phase in the management of the pandemic.
Ramaphosa said they have been able to remove almost all restrictions, enabling people and businesses to almost move back to pre-Covid-19 days.
“We are learning to live, work, build back and reconstruct with the virus in our midst. This conference could not be taking place at a better time We … are neither defined by the challenges nor we are haunted by them, we are dedicated to overcoming them,” he said.