The South African government is seeking to attract foreign investment to foster inclusive growth and tackle structural barriers faced by marginalised communities.
This is according to Deputy President Paul Mashatile, who was briefing Members of Parliament (MPs) in the National Assembly on Thursday.
Mashatile addressed several topics, including his recent working visit to Ireland and the United Kingdom.
He reflected on the keenness of investors from these countries to tap into local sectors such as finance, energy, transportation and infrastructure development.
“The overall aim of this engagement was to reassure the world and investors that our country is stable and open for business. I must say, in all of these meetings, we were warmly received,” he told Parliament.
Mashatile said in the UK he met with more than 20 institutional investors, who are already investing in South Africa.
“We also engaged with the government of the United Kingdom to strengthen and renew the historically deep and rich bilateral relations between our two countries by exploring new initiatives and opportunities for enhancing trade and investments.”
Following the working visit, government agreed to strengthen existing initiatives while exploring new opportunities to maintain strong trade and investor interest.
“We anticipate that the upshot of our visit will be an increase in the UK investors who have shown a strong interest in doing business in South Africa,” he said.
The ministerial teams also presented opportunities in state-owned entities (SOEs), particularly Eskom and Transnet.
“They dealt with issues of energy, rail and port projects, and water infrastructure projects, including the handling of the investment project book that was developed by Infrastructure South Africa.”
However, Mashatile said the government alone would not be able to achieve the objectives of growing the economy and creating jobs.
“We’re taking these steps to engage the private sector, particularly also foreign investors who are interested to come and invest in our country,” he said.
G20 Presidency
Mashatile said South Africa should use its G20 Presidency to prioritise its objectives of growing an inclusive economy that created jobs.
Preparations are under way for South Africa’s G20 Presidency and hosting of the G20 Summit in 2025. South Africa is expected to take over the Chair of the G20 from December 1.
He said the state was also determined to deal with the questions of the high cost of living and professionalisation of the public service.
Skill shortages
Mashatile acknowledged that the local labour supply did not meet the demand for management personnel, professionals, engineers, technicians, educators, and information and technology experts, necessitating the temporary importation of high-level skills.
However, he said measures were being implemented to improve local skills, including updating job listings, promoting the critical skills list, and enhancing vocational training in digital skills.
Mashatile added that the National Skills Fund directed resources to in-demand sectors and that the Human Resource Development strategy aimed to match supply and demand for skilled workers.
“Collaboration between industry, government, education, and non-profit organisations is crucial for effective skills development and local employment growth.” – SAnews.gov.za
