Earlier this week President Cyril Ramaphosa spoke to potential investors at the World Economic Forum (WEF) in Davos, Switzerland. President Ramaphosa assured investors that South Africa, after a decade of economic stagnation and political paralysis, has began to turn things around.
“We recognise that we cannot create work on any meaningful scale unless we grow the economy at a far greater rate, and for that we need much more investment in the productive sectors of the economy, in infrastructure and skills development,” said Ramaphosa.
The President noted that, with a third of working age South Africans unemployed, that economic growth is at the heart of the country’s plan to shake up the economy.
He also pointed out that South Africa has entered a new period of hope and renewal, and over the last year the government has taken decisive steps to correct the mistakes of the recent past and put the country back on the path of progress.
“We have placed the task of inclusive growth and job creation at the centre of our national agenda,”added Ramaphosa.
In a bid to raise over $100 billion in new investments over the next five years, the President assured the delegates at the Forum that the country has embarked on the restoration of the rule of new law and credibility of public institutions.
He emphasised the finalisation of the mining charter, allocation of high demand radio spectrum, signing of agreements with independent power producers and reform of visa regulations, will pave a way to the growth of the country.
We’ll have to wait for President Ramaphosa’s State of the Nation (SONA) address on 7th February for more insight into how he plans to get the country’s path of renewal and growth started.