Motsepe defends African governments
SOUTH African billionaire businessman Patrice Motsepe has come to the defence of African governments, saying they were not being given enough credit for creating an environment conducive for foreign investment on the continent.
Motsepe was speaking at the Africa Investment Summit in Sandton, Johannesburg, yesterday, which drew heads of governments from across the continent and captains of industry from across the globe.
The summit, which ends today, sought to best position the continent as a key destination for investment, especially in the fourth industrial revolution.
Motsepe said he had massive investments across the continent and that most states have created a conducive and competitive regulatory environment for investors despite criticism directed at them.
“We do business in about 40 countries on the continent and it is important that we recognise the excellent work by the heads of state on the continent – the legislative, the fiscal and the monetary policies that are in place and the overall competitiveness,” Motsepe said.
President Cyril Ramaphosa delivered the keynote address at the summit and stressed that African governments needed to mobilise large scale, sustained investment, especially in infrastructure – if they were to seize the opportunities of the future – which he said could not be achieved without business.
“The private sector and private markets are key players in the African investment landscape, supported by the lending capacity of financial institutions, both on the continent and beyond,” Ramaphosa said
“To be globally competitive, to become investment destinations of choice, we need to resolve the problems that keep investors away. We have to address governance challenges such as policy uncertainty, financial mismanagement and corruption,” Ramaphosa added.
He said African integration would play a crucial role in attracting more investment and growing the continent’s economies, adding that the adoption of the Africa Continental Free Trade Area agreement in March this year was a historic development, which had the potential to change African economies for the better.