Pretoria - President Jacob Zuma has extended an invitation to foreign investors to invest in South Africa.
Zuma, who is in Belgium for the third annual European Union-South Africa summit, is using his visit to encourage potential investors, especially in the diamond industry to invest in South Africa.
"Our mining industry is definitely poised for growth, and the advantage is that we offer certainty as well as proven economic and political stability.
"The hosting of the 2010 FIFA World Cup in South Africa demonstrated to the world that we are a country that can deliver on its undertakings," Zuma said at a Business Gala dinner hosted by the Antwerp World Diamond Center in Belgium, on Tuesday.
He said the mining industry has been the foundation of economic development in South Africa for well over a century.
"Despite considerable diversification of our economy in the recent past, the mining sector remains a key variable in our economic growth equation," the President said.
The wealth of the mining assets in South Africa remains significant, and was currently valued at 2.5 trillion US dollars, excluding energy commodities such as coal, uranium and thorium.
In 2009, the mining industry contributed more than 30 percent to the country's total export revenue, and employed 9 percent of the country's economically active population.
"That is currently just below half a million direct jobs and a further half a million indirect jobs. As the global economy recovers, and the demand for commodities increases, real opportunities for maximum returns in the mining sector exist," Zuma said.
He said South Africa is well-placed to take full advantage of these improving prospects in the sector. Estimates suggest that the country's mineral resources were expected to be exploitable for over a century to come.
"Our country continues to host significant known reserves of mineral commodities, with almost 60 minerals being actively mined.
"A large number of these known reserves were discovered using conventional exploration methodologies and technologies," he said.
This is further supported by existing mining infrastructure, which enables investors to obtain maximum value from their investment in South Africa, while at the same time contributing to socio-economic development. - BuaNews - BuaNews
