24-25 February 2001, Cape Town
25 February 2001
The second meeting of the President's International Investment Council was held in Cape Town this weekend. The council serves to promote South Africa as an investment destination amongst key global decision-makers. It provides an opportunity to engage and get advice from decision-makers on initiatives taken by the South African government to promote economic growth and to create an enabling environment for business.
The second meeting was attended by:
· Mr Percy Barnevik -ABB Ltd, Switzerland
· Mr Niall Fitzgerald -Unilever, United Kingdom
· Mr Sam Jonah -Ashanti Goldfields, Ghana
· Mr Martin Kohlhausen -Commerzbank
· Mr Masaki Miyaji -Mitshubishi Corporation, Japan
· Tan Sri Dato Mohd Hassan Marican -Petronas, Malaysia
· Mr William Rhodes -Citibank, United States
· Sir Robin Ross- D Group, United Kingdom
· Mr Frank Savage -Alliance Capital, United States
· Mr Ratan Tata -Tata Sons Ltd, India
Apologies were received from Mr Jurgen Schrempp; Sir Anthony O'Reilly and Mr George Soros; Mr Minoru Makihara of Mitshubishi was represented by Mr Miyaji.
The Government delegation provided updates on issues dealt with in the first council meeting in June 2000, including the situation in Zimbabwe, HIV/Aids, and labour law reforms.
The second meeting of the council provided the President and Ministers with an opportunity to explain the integrated economic plan to accelerate growth that was adopted by Cabinet and announced by the President in his opening address to Parliament as well as the Minister of Finance in his Budget speech. Council members supported the approach of focusing on the specific micro-economic reforms that had to be taken to move the economy onto a high-growth path following the success in dealing with macroeconomic stability .There was a view that increased confidence and investment by South African corporations would further strengthen the positive signals coming out of the economy.
The council urged government to give priority to its capacity to manage the implementation of the economic plan. The importance of investing in human capital was highlighted and strategies for attracting and retaining critical skills in a global labour market were discussed. Government's communication strategy was discussed.
The meeting looked at the role council members could play to support government's efforts to promote South Africa as a destination for foreign direct investment and its efforts to mobilise domestic investment.
The latest developments on the Millennium Africa Programme were shared with the council. The efforts to move the African continent onto an accelerated development path, were commended. Council members underlined the view that South Africa's economic success could not be divorced from the stability and economic renewal of the African continent.
The next meeting of the International Investment Council has been scheduled for September 2001.
Enquiries:
Edwin Smith; Dept Trade & Industry: 0827836025
Tasneem Carrim; Presidency: 0836507119