President Cyril Ramaphosa has assured potential investors that plans are in place to support Eskom. He says a new Eskom CEO will be appointed in the next few days while the power utility is expected to be revamped soon.
Eskom owes its creditors over R400 billion and does not generate enough cash to even pay the interest on its debt. It will be split into three subsidiaries namely – generation, transmission and distribution.
Listen to President Ramaphosa:
Earlier the President said the ease of doing business in South Africa had significantly been improved. He says it’s now faster and easier to register a business than was the case in the past.
Ramaphosa says progress has been made in improving the visa regime to support tourism and the Integrated Resource Plan has been approved to provide certainty around government’s preferred energy mix.
However, some experts have warned that this could lead to increased inefficiencies, especially if competition is allowed.
The investment conference calls on potential investors to engage with government and business representative on new investment opportunities.