S. African president confident in attracting 100 bln USD foreign investment

CAPE TOWN, May 8 (Xinhua) - President Cyril Ramaphosa on Tuesday expressed his full confidence in attracting 100 billion U.S. dollars in foreign investment over five years.

South Africa is not only open for business, but will also prioritize inclusive growth and transformation of the economy, Ramaphosa told Parliament in a Q&A session.

This is a message to be delivered to the world by a team of special envoys he appointed last month to go on an charm offensive around the globe to attract investment, the president said in response to a question about what the investment envoys intend to convey to potential investors.

These envoys will notify foreign investors about potential policy changes, Ramaphosa added.

The envoys have been dispatched to Asia, Middle East, Europe and the Americas to meet with potential investors.

Compared with other developing economies, South Africa's economy is being well managed with the rand being strengthening and South African bonds performing well, said Ramaphosoa.

He said South Africa remains an investment attraction thanks to its improving investor sentiment.

The government, he said, has worked out initiatives to improve the country's readiness to develop its economy.

To improve the economic environment, the government will also hold a job summit and ensure that a social compact between business and labor be reached.

As part of efforts to attract foreign investment, South Africa will host an investment conference later this year, he said.

The conference, which was originally planned for August, will have to take place a little later in the year because "we found that we had short changed processes," Ramaphosa said. Enditem