Mot­sepe de­fends African gov­ern­ments

Pretoria News - - NATION - SIVIWE FEKETHA siviwe.feketha@inl.co.za

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.

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