Home

South Africa will recover economically despite challenges: Ramaphosa

Reading Time: 3 minutes

President Cyril Ramaphosa says he is confident that South Africa will recover economically despite all the challenges the country has faced.

Ramaphosa was speaking at the fifth South Africa Investment Conference held in Johannesburg at the Sandton Convention Center this morning.

This conference is the final leg of the current investment drive to attract R1.2 trillion over five years. The conference attracts delegates from across South Africa and the rest of the globe.

The head of state says that this year’s conference is an opportunity to reflect on the progress that the country has made in achieving that goal.

Ramaphosa says, “South Africa continues to be an attractive investment destination despite a strained domestic and global economic climate. The conference has continued to evolve and to grow over the past five years.”

“In 2018, we set a goal and ambitions target to raise R1.2 trillion in investment over a 5-year period. Despite low business confidence and dampening, the first conference generated a value of R300 billion. Our recovery is a mission that will take time to accomplish. We are on the recovery path and we refuse to be daunted by challenges that we face,” added Ramaphosa.

President Cyril Ramaphosa hosts Investment Conference:

Overhaul of the work visa system

The government has also vowed to attract skilled workers into the country to boost the much-needed investment.

Ramaphosa has now set a new target of R2 trillion worth of investment from this year until 2028. He says the government has also made it easier to attract the necessary foreign skills into the economy.

“Today, we are able to announce a significant overhaul of the work visa system that will provide a further boost to investment. This includes decentralizing the adjudication of visa applications to foreign missions and streamlining application requirements to reduce the timeframes for obtaining a work visa,” says Ramaphosa.

He says, “We will introduce new visa categories for remote workers and start-ups to attract dynamic entrepreneurs and promote spending in our economy. In addition, we will be expanding the e-Visa system to include an additional 20 countries over and above the 14 that are currently eligible.”

[WATCH] President Cyril Ramaphosa
celebrates the R1.2 trillion target set for the South Africa Investment Conference. #SABCNews #SAIC2023 pic.twitter.com/JvaLGM8jVJ

— SITHOLEEXPRESS (@SthembisoMedia) April 13, 2023

Author

MOST READ