Political stability crucial to ensure continued confidence – Mabuza

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Deputy President, David Mabuza, says a positive change in investor sentiments in the South African economy will support President Cyril Ramaphosa’s call to meet a goal of 100 billion dollars in foreign direct investment over the next 5 years.

Mabuza is answering oral questions in the National Assembly. Last week, Ramaphosa unveiled an investment power team to woo investors worldwide.

Mabuza has called on investors to seek opportunities in the country, saying they will assist in dealing with unemployment, poverty and inequality.

He says it is likely that government’s initiatives to seek more international investment will be boosted following the recent positive reviews from ratings agencies. Mabuza says political stability will be crucial to ensure continued confidence.

Steps in place to address corruption

Mabuza has announced various steps in place to address maladministration and corruption at state owned companies where board members enabled state capture to take place.

He says at Eskom, disciplinary action has already been initiated, while other SOEs are also under scrutiny.

“All SOEs are in process of reviewing boards. At Denel new interim board, same at Prasa. In addition prioritise stolen funds, review contracts improperly awarded.”