South African United Business Confederation (SAUBC) President George Sebulela says the mayhem witnessed last week in KwaZulu-Natal( KZN) and Gauteng, will have dire consequences on the country’s investor relations, particularly foreign direct investment.
SAUBC represents trade councils, industry associations, and business chambers, which support business activities in the country. Apart from the thousands of jobs that will be impacted by the recent looting incidents, the confederation says it is worried that many international businesses will close shop and some will look at other countries to do their business.
“SAUBC is very much concerned about the activities of the last looting and destruction of property and has a negative impact on the economy because of the high unemployment rate. It will have a high impact on foreign direct investment. If you’ve noticed, Toyota has raised serious concern and has requested a strategic plan from the province of KZN. We call upon government in terms of coming up with urgent plans,” says Sebulela.
Cost of looting to businesses and economy: Bonang Mohale