Press Statement dated 17 April 2018
The Federation of Unions of South Africa (FEDUSA) has welcomed President Cyril Ramaphosa’s appointment of an investment task team made up of former finance minister Trevor Manuel, former deputy finance minister Mcebisi Jonas, Phumzile Langeni, Executive Chairperson of Afropulse Group, and Jacko Maree, Chairman of Liberty Group and former CEO of Standard Bank to market South Africa abroad as a premier investment destination.
President Ramaphosa also appointed Trudi Makhaya economic adviser who will also coordinate the work of the presidential investment envoys as they visit financial capitals tin Western Europe, America, the Middle East and Asia.
The mission will lay the groundwork for an Investment Conference scheduled for either August or September later year which is expected to raise pledges of about R1.2 trillion for South Africa in foreign direct over the next five years.
FEDUSA General Secretary Dennis George said the Investment Conference couldn’t have come at more opportune moment as an unmistakable wave of global and local goodwill currently our shores has raised South Africa’s profile as an investment destination of choice.
George said the resources raised at the Conference will drive economic growth and enable South Africa to invest in mega industrial projects to create thousands of much needed jobs to alleviate the poverty that is currently ravaging large sections of the working class and the poor.
Announcing the initiative on Monday President Ramaphosa said foreign direct investment into the economy had fallen from 24% of GDP in 2008 to only 19% in 2017 as difficulties of recent years ravaged the country. FEDUSA supports the investment target of 30% of the National Development Plan to create 11 million jobs by 2030 and to ensure GDP of 5.4% per year.
Issued by Dennis George, General Secretary, Federation of Unions of SA (Fedusa)