Today's Labour News

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kznlogo thumb100 BL Premium reports that unrest has dealt a severe blow to investor confidence, the Durban Chamber of Commerce and Industry has warned as it engages with several companies seeking to divest from the province and possibly the country.

Mpume Langa, first vice-president of the chamber, said on Monday: “They are talking disinvestment already from SA, and specifically from KwaZulu-Natal. We are hoping that we can be able to convince them otherwise. But with that being said, once you’ve seen the damage suffered, you can’t ignore that.... As a company or as a business, it means you are going to review where you investing and also try to mitigate risk differently.” Langa noted that major foreign companies such as Toyota, Defy, LG and Massmart were among those that have invested in the province. She said businesses in the province felt abandoned last week during the riots as the government’s response proved to be too little, too late for many business owners. Langa expressed the hope that the government and the wider business community would be able to create some sense of security and rebuild some level of trust with these companies. The first step to regaining trust would be through engagements, although Langa said “it will take some time, because right now they are feeling very uncomfortable”. Local investors such as the KwaZulu-Natal headquartered Mr Price and the Spar Group have also been affected.

  • Read the full original of the report in the above regard by Lisa Steyn at BusinessLive (paywall access only)

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