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Zuma: We're addressing investor concerns about economy

Sep 08 2017 12:52
Liesl Peyper

Cape Town - Government shares investors' concerns about South Africa’s economy, said President Jacob Zuma on Friday.

“We’re aware that investors – foreign and domestic and other business owners – are concerned about the continued slow growth, rising government debt, the poor performance of some of our state-owned enterprises,” Zuma said.

“These are our concerns too and we are taking steps to address them.”

Speaking at the official launch of the InvestSA One Stop Shop Western Cape, Zuma said he is delighted that the country exited the recession by recording a 2.5% growth rate in the second quarter of 2017.

“This indicates that if we focus on doing what is right and supporting the sectors that can help us, we can indeed reignite growth and see positive results.”

Zuma remarked that it has taken the country a relatively short period to exit the technical recession, while some predicted it would take at least two to three years.

Government launched the National Invest South Africa One Stop Shop in March this year. The initiative aims to reduce regulatory inefficiencies and red tape for all investors.

The One Stop Shops, under the custodianship of the Department of Trade and Industry, are opening provincial branches in KwaZulu-Natal, Gauteng and the Western Cape for 2017.

Zuma said the establishment of the One Stop Shops will provide a convenient professional service for setting up a business, and are easy to use for investors. All they need to do is to make an appointment with the relevant government representatives to explain the services they require.

Services, such as licensing and tax issues, will be obtainable under one roof and government officials will be properly trained and briefed to provide these specialist advisory services, Zuma said.

“Our intention is to unblock and reduce red tape in government and the One Stop Shops will provide a range of services under one roof. It’s a significant improvement from the fragmented services before.”

Zuma is confident that the launch of the initiative will help the country to achieve the growth rates envisaged in the National Development Plan.

The NDP sets a target of combined public and private sector investment growth of 30% by 2030. “It is currently at around 19%,” Zuma said.

He added that a recently established inter-ministerial committee on investment, comprising 18 Cabinet ministers, is overseeing South Africa’s investment policy.

“Government will continue to work hard to improve the investment climate in South Africa to kick-start growth in our economy. And we want to attract not only foreign investors, but also domestic investors,” Zuma said.

Inside the One Stop Shop for investors in Cape Town

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