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You can also listen to this podcast on iono.fm here.<\/p>\n
JIMMY MOYAHA: The South African Investment Conference kicked off today in Sandton, Johannesburg, at the Sandton Convention Centre, and already almost R900\u00a0billion in investment commitments has been announced. We\u2019re going to be unpacking this in a bit more detail with the chair of Business for South Africa, B4SA, Martin Kingston. He joins me on the line now to see what to make of this.<\/p>\n
Martin, lovely having you on the show, as always. Thanks so much for taking the time.<\/p>\n
Perhaps let\u2019s start our conversation with the position that South Africa finds itself in as an investment destination ahead of this conference.<\/p>\n
MARTIN KINGSTON: Well, Jimmy, good evening to you and your [listeners].<\/p>\n
There\u2019s no doubt that we\u2019ve made very significant progress as a country over the past three years, with the implementation of real and tangible structural reform addressing many of the challenges that we\u2019ve had. These include load shedding and the inefficiencies in many of our other network industries, such as road and rail. There\u2019s more to be done.<\/p>\n
But as a backdrop, there\u2019s an awareness by the government that the private sector, in all its forms, drives growth through investment.<\/p>\n
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Therefore the investment conference is at the absolute centre of being able to make sure that we can propel that growth forward on a sustainable basis.<\/p>\n
That growth, of course, creates jobs and, if you like, the virtuous circle of increased confidence \u2013 which is being manifested very clearly today \u2013 will further ensure that we have the investment that we require going forward.<\/p>\n
JIMMY MOYAHA: Martin, the green shoots are one thing. Alongside those green shoots, however, we have had some concerns that would likely have concerned investors, in the form of our strained relationship with the United States as a prime example.<\/p>\n
How do investors view these geopolitical developments and what is unfolding in terms of investment and the investment-grade quality of South Africa? Obviously the positivity might slightly outweigh the negativity at the moment, understanding that, of course, some of the issues that are considered negative are not necessarily within the control of South Africa. But how do investors strike that balance between what they see as positive and what might not be seen as good for investment?<\/p>\n
MARTIN KINGSTON: Well, first of all we need to recognise that not just in America but globally we\u2019ve some geopolitical dynamics at work \u2013 particularly of course, the war in the Middle East, as well as that between Russia and Ukraine \u2013 let alone the bilateral or strained relationship, as you put it, between America and South Africa.<\/p>\n
That undermines the potential for growth \u2013 not just in South Africa, but globally. And we are all very aware of the increase in fuel prices, the potential impact on inflation, on interest rates, and of course the prospects for growth itself in the short term.<\/p>\n
In that context we need to look first and foremost at what the domestic private sector is doing and investing in the future. What is clear is that it is committed to doing so.<\/p>\n
Our partnership at B4SA is in with the government, and has over 160 CEOs who are committed at an individual level, as well as at a corporate and sectoral level, to driving that growth in transport and logistics, energy, dealing with crime and corruption \u2013 which I\u2019m sure you\u2019ll raise \u2013 and making sure that we\u2019ve got the right pathway to ensure that we\u2019ve got real opportunities for growth by small and medium-sized enterprises, as well as by international multinationals and the entire spectrum of size and scale across all sectors.<\/p>\n
Those green shoots have really started to emerge as a backdrop to the investment conference.<\/p>\n
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I\u2019ve attended all six conferences. This is by far and away, in my opinion, the most buoyant in terms of mood.<\/p>\n
There is concern about the global backdrop, but a great deal of enthusiasm about the opportunities in South Africa in many sectors of the economy, recognising that we need to be cautious and prudent, but also proactive in promoting our opportunities wherever they may lie.<\/p>\n
JIMMY MOYAHA: Now, Martin, I imagine that these sorts of conferences are the ideal spot or the ideal event to be able to reinforce some of the positive achievements that we\u2019ve been able to garner as a country, as an economy, as a government. When you sit at these conversations, or when these conversations take place, how do we reinforce to the global community \u2013 especially from an investment perspective \u2013 that South Africa does indeed remain an attractive investment destination?<\/p>\n
It\u2019s one thing for you and me to have a conversation on radio where we both believe, as patriotic South Africans, that this is the best place on the African continent to invest in. But how do we reiterate that message to the global investment community?<\/p>\n
MARTIN KINGSTON: That\u2019s exactly right. There are over a thousand delegates to this conference. Many of them are, I think, from some 50 countries outside South Africa \u2013 not just the continent, but much further afield, including the United States, Asia and, of course, Europe; even representation from the Middle East, despite those problems.<\/p>\n
The best proponent of opportunities for investment is not just the government, but actually the private sector, leading by example.<\/p>\n
And many of our own companies have opportunities not only in South Africa but internationally.<\/p>\n
They have investors from abroad on their share registers, and they spend much of their time, those chief executives, promoting not just their companies but the sectors within which they operate and indeed the country on a global stage.<\/p>\n
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So I\u2019m very clear that there is a tremendous opportunity and more we could do, you\u2019re absolutely right, Jimmy, in a coordinated way with the South African government.<\/p>\n
Today we\u2019ve had a show of force, not just by the cabinet and many of the ministers and deputy ministers represented here today \u2013 led by the president and the deputy president \u2013 but by many of those South African and international investors on the stage making the investment commitments that were talked about, that R900\u00a0billion so far and I think still counting.<\/p>\n
Today is just a single day in the overall calendar. We need to make sure that we have a long-term sustained approach, which is reinforced by an appropriate narrative.<\/p>\n
That narrative itself needs to represent what is happening on the ground \u2013 that we have real and appropriate opportunities for investment by, as I said, small and medium-sized enterprises as well as global multinationals across all segments of the economy.<\/p>\n
I think that there are many of those opportunities ripe for picking, and we\u2019re promoting them not just today but into the future.<\/p>\n
JIMMY MOYAHA: The commitments and the reassurances that investors are looking for where it relates to the South African story start right here at home, and that is why it is important that we all work cohesively to ensure that we achieve our investment objectives \u2013 not just for the benefit of the conference, but indeed for the benefit of South Africans.<\/p>\n
We\u2019ll leave the conversation on that note. Thanks so much to Business for South Africa chair Martin Kingston for joining us to take a look at South Africa\u2019s investment conference taking place today, the investment commitments being made there and how South Africa continues to attract all the global attention.<\/p>\n
#lands #R890bn #investment #boost<\/p>\n","protected":false},"excerpt":{"rendered":"
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