Business Unity South Africa (BUSA) president Sipho Pityana says Finance Minister Tito Mboweni’s Medium-Term Budget Policy Statement frankly speaks to the difficult times that the country is currently experiencing.
Pityana was speaking at a Capital City Business function in Pretoria Wednesday night. He says Mboweni understands that South Africa needs to move with caution in dealing with the economic situation it has found itself in.
“He has a clear grasp of what needs to be done to make sure that we reposition the country and he knows that we have been through this difficulty and it’s doable. One of the most important things he had to say is appreciation of having to bring society together through engagement with social partners.”
BUSA also says it hopes that the three-day investment conference which will start on Thursday in Sandton, Johannesburg, will inspire both local and foreign investors.
Through the conference, President Cyril Ramaphosa aims to raise at least R1 trillion in investments over the next five years.
Pityana says investors’ lack of interest in South Africa is worrying.
“The low levels of foreign direct investment are a concern; the low levels of domestic investment are of a particular concern. And it is good that this conference is organised in the way that it has which brings leaders of different enterprises in South Africa and abroad to be in conversation.”