In one of the world’s most unequal nations an acute shortage of skilled workers is restraining already tepid growth, limiting job creation and pushing some foreign investors to think about moving their money elsewhere. This skills shortage has been identified by the South African presidency as the second biggest impediment to economic growth, after crippling power outages.
BMW’s Rosslyn plant in Midrand. A business organisation that represents the auto company has warned that delays in the visa process threaten expansion plans in the country. Image: Waldo Swiegers/Bloomberg Anglo American Plc — owner of South Africa’s biggest platinum, diamond and iron ore companies — has called on the government to resolve the visa problems “with urgency” and said the delays have disrupted project schedules.
The EU is South Africa’s second-biggest trading partner after China and is the largest investor, accounting for 51% of all foreign direct investment stock in 2021, or R1.41 trillion. Over 1 000 European companies operate in the country, directly employing more than 350 000 people, according to the EU Chamber. The US, another key partner with over $20 billion in two-way annual trade, also has a number of major companies including Ford Motor Co operating in the country.
Some overseas investors have had enough. Alexander and Tatjana, a married couple who asked that their surnames not be published for fear of retaliation by the authorities, have run a bathroom supplies business in Johannesburg and Cape Town for almost three decades since emigrating from Germany.
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Source: City_Press - 🏆 7. / 72 Read more »