President Cyril Ramaphosa on Monday assured that government is working to get rid of red tape that impedes and slows down investment. Ramaphosa wrote in his weekly letter to the nation that it was only through attracting higher levels of foreign and domestic investment that a swift, sustainable economic recovery could be assured. He said government had significantly reduced waiting times for water use licences and other important authorisations for getting major investment projects off the ground. Ramaphosa said since this administration took office, government had held five Investment Conferences that had attracted R1.5-trillion in investment commitments across a broad range of economic sectors. “Over one-third of these pledges have translated into job-creating businesses and business expansions in renewable energy, mining, packaging, automotive, retail, manufacturing, transportation and other sectors,” he said. He highlighted that while there was a broadly positive attitude towards South Africa among investors, the country’s net foreign direct investment as a percentage of gross domestic production was slightly lower than the global average.
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