The trade and industry minister was also in a good mood, saying that 85% of projects that had been identified were complete or in the process of completion, from motoring, manufacturing and mining to the pharmaceutical industry.Now, this may all seem well and good and no one would want to take away the positive spin for the country as an investment destination. However, the reality of South Africa’s precarious economic state appears very different from these displays of investment enthusiasm.
By all accounts, the country’s growth is projected to be almost 0% this year, and not much higher for next year. Interest rates are at their highest level in decades and inflation stalks our monetary policy. The unemployment rate remains stubbornly high, with little relief for those living on the poverty line. A massive chunk of the country’s budget goes to paying social grants – to about 18 million people who depend on them.Then, off course, there is the power crisis, which, according to various analysts, is driving investment away from the country.
If, perhaps, these fundamentals showed signs of improvement, the scepticism around the pompous celebration of the SAIC would not be so loud.In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month.
The conditions not conducive for investments. High crime rate & energy deficit would make it difficult for these targets to be met. The opportunity lost from not stripping the DMRE of self serving powers & giving them to the energy minister is regrettable & leaves us hanging..
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Source: SABCNews - 🏆 37. / 51 Read more »