Human Settlements Minister Mmamoloko Kubayi has lauded the functioning judicial system which makes South Africa fertile ground for investment.
The Minister was speaking during a panel discussion on Investing in South Africa at the fifth South Africa Investment Conference on Thursday.
“In terms of the story around investing in South Africa, one of the things that I say is we as a society tend to focus on the negative, which we must pay attention to, but there are quite a number of things that make South Africa a good area for investment, which sometimes we don't talk about.
“We have a judicial system that is functioning. This is important for business because you know when you invest in South Africa, you have somewhere to go to find justice, which in some countries you don't find,” she said.
Kubayi also lauded the tax regime in the country, which provides a sound framework for business to thrive.
“We see in other countries where companies are asked to pay money, but sometimes they can't explain it. In South Africa, we can safely say it will not happen because we have laws. So there's an environment that is conducive for business,” the Minister said.
She acknowledged that the country has challenges around the "construction mafia" - individuals who demand payment for invaded construction sites or a stake in development projects.
This issue, she said, is receiving attention so that there is a holistic, secure environment.
Meanwhile, Anglo American Group CEO, Duncan Wanblad, reiterated President Cyril Ramaphosa’s sentiments that South Africa is “investable” and has untapped potential, despite the economic challenges it faces.
“There are some real tangible action steps that need to be taken, measured in short timeframes and a few quick wins that we need to achieve to be able to change and turn that negative investor sentiment and narrative.
“It was incredibly pleasing to hear what both the Finance Minister and the President said today. The laser-like focus on at least three of the major issues that are crippling the country today and holding it back from achieving its potential is now sort of front and foremost on the agenda.
“This is not just the work of government, the work needs to be effectively done with collaboration with business, which I think stands ready to play their part in driving this turnaround,” he said. – SAnews.gov.za
