Pretoria – Deputy President Cyril Ramaphosa says South Africa is a very stable democracy with a stable Constitution that enhances the country’s stability.
Replying to questions asked by Members of the National Assembly in Parliament in Cape Town, on Wednesday, the Deputy President said this is what he told African leaders at the World Economic Forum meeting on Africa that took place in Kigali, in Rwanda, early in May.
“We were also quick to applaud a number of other countries in the continent that are so stable. Countries that have embraced democracy and are moving in tandem with us,” said the Deputy President on Wednesday.
At the meeting, South Africa was represented by a multi-stakeholder team of more than 200 business people and representatives of government, state-owned enterprises, civil society and the media.
According to the Deputy President, Team South Africa indicated to the meeting that South Africa is a desirable, dependable and worthwhile destination for investment.
“In our interactions as government, and from the feedback we’ve received from other members of Team South Africa, our message was well received.
“Those we met with were well-informed about South Africa and appreciated the important role that our country plays in the economic and social development of the continent.
“They agreed with our message that South Africa has a dynamic and stable economy with solid economic fundamentals, and that our democracy is robust, mature and secure,” said the Deputy President.
He said South Africa was recognised for having a sound regulatory framework that provides protection for investors, and that it has a diversified economy that offers world-class business services and infrastructure.
“Several of the people we met with raised issues of political stability and were keen to know how South Africa was responding to the difficult global economic environment.
“We highlighted the economic reforms we are undertaking to reinvigorate economic growth,” said Deputy President Ramaphosa.
These, according to the Deputy President, include fiscal reforms through cost containment and expenditure ceilings, increasing South African energy capacity and mix, strengthening state-owned enterprises, reducing workplace conflict and implementing a minimum wage, focused incentives for manufacturing and other job creating sectors, and increased support for small business.
“We emphasised that South Africa prioritises investment in the continent and the greater integration of markets. South Africa’s participation in WEF Africa was a great success.
“We had an opportunity to share experiences with representatives of other countries on the continent and to convey a clear message about the many and diverse opportunities that South Africa presents to investors,” he said.