Cape Town: The South African government is actively seeking to attract foreign investment to foster inclusive growth and address structural challenges faced by marginalized communities. This initiative aims to boost the economy and tackle the high cost of living affecting many citizens.
According to South African Government News Agency, Deputy President Paul Mashatile briefed Members of Parliament in the National Assembly on Thursday. He discussed his recent working visit to Ireland and the United Kingdom, highlighting the interest of investors from these countries in South African sectors such as finance, energy, transportation, and infrastructure development.
The Deputy President emphasized the purpose of these engagements was to assure global investors of South Africa’s stability and openness for business. He reported positive reception in all meetings, noting the enthusiasm of more than 20 institutional investors in the UK who are already investing in South Africa.
Mashatile also met with the UK govern
ment to explore new trade and investment opportunities, aiming to strengthen the historically rich bilateral relations between the two nations. He shared that the visit is expected to increase UK investor interest in South Africa.
He further stated that ministerial teams presented investment opportunities in State-owned entities like Eskom and Transnet, focusing on energy, rail and port projects, and water infrastructure. The teams also introduced the investment project book developed by Infrastructure South Africa.
The Deputy President acknowledged that government efforts alone are insufficient to achieve economic growth and job creation. Hence, engagement with the private sector and foreign investors is crucial. He assured that regulatory frameworks are being optimized to attract investors, which is expected to create jobs and empower young people.
In preparation for South Africa’s G20 Presidency in 2025, Mashatile emphasized the country’s commitment to growing an inclusive economy. He highlighted the im
portance of using the G20 platform to benefit the African continent through infrastructure programs. The government plans to centralize meetings to maximize the summit’s benefits for the entire country.
Mashatile addressed the skill shortages in the local labor market, particularly in management, engineering, and IT sectors. He outlined measures to enhance local skills, including updating job listings and promoting vocational training in digital skills. The National Skills Fund and Human Resource Development strategy are focused on aligning skills supply with demand.
Collaboration among industry, government, education, and non-profits is deemed essential for effective skills development and promoting local employment growth.