‘South Africa is open for business’

South Africa is open for business, Minister in Presidency Jeff Radebe reiterated on Friday. The country will host the 25th World Economic Forum on Africa in Cape Town this week where numerous business deals will no doubt be struck on the sidelines. The theme for indaba is: ‘Then and Now: Reimagining Africa’s Future’. It will be attended by 1 250 leaders from business, politics, academia and civil society, including representatives of 83 leading international companies. Radebe told reporters from South Africa and elsewhere that while South Africa had many challenges, the country’s blueprint for economic development and social cohesion, the National Development Plan, was clear on what needed to be done to move forward. One of the targets of the plan is to create six million jobs by 2030. “Despite many challenges that we face, South Africa remains the most diversified economy on the continent, providing a supportive regulatory framework, well-developed infrastructure network, a world class financial hub and world class services for business opportunities. We remain a competitive business and investment destination,” the minister said. South Africa is desperate for new investments to help boost the country’s sluggish economy. Just this week Stats SA announced that unemployment had reached a decade high and the GDP slowed to 1.3% in the first quarter. But Radebe said that the country was continuing to make strides for the case of doing business in South Africa. “If compared to other Brics nations, the country comes first in the five of the 10 criteria the World Bank uses to assess ease of doing business,” he said. The agenda for next week’s summit is centred around enabling markets, marshalling resources, and inspiring creativity. There will also high-level discussions on migration, combating terrorism and harnessing Africa’s informal economy. Alongside the summit, will be meetings food security and mobilising financing for cross-border infrastructure. The meeting will also be used to help realise a number of goals the African Union has set for the continent over the next 48 years. They include that by 2030, 50% of elected officials on all levels of government must be women, and 50% of management positions in the state and private sector must be women. While the goals have been set, at an operational level much still needs to be worked out. The summit is from Wednesday to Friday. JOHANNESBURG IOL