President Cyril Ramaphosa has announced the appointment of additional Special Envoys on Investment in a bid to strengthen South Africa’s investment promotion drive.
The announcements of two former ministers, Jeff Radebe and Derek Hanekom, and former deputy minister, Elizabeth Thabethe, was made along with the announcement of the establishment of a dedicated Investment and Infrastructure Office in the Presidency.
In a statement, the Presidency said Radebe will drive investment promotion in the energy sector, focusing on oil and gas, while Hanekom and Thabethe will mobilise investment in the tourism sector.
Former Gauteng MEC for Economic Development, Kgosientso Ramokgopa, will head the Investment and Infrastructure Office.
The appointments come as the country rolls out the red carpet for delegates attending the second South African Investment Conference in Sandton from today until Thursday.
In April 2018, President Ramaphosa appointed four Special Envoys on Investment to promote South Africa as an investment destination, facilitate resolution of administrative hurdles to investment and engage domestic and foreign investors on investment opportunities in South Africa.
“Since their appointment, the Envoys have been instrumental in mobilising investments announced at the inaugural Investment Conference in 2018, resolving challenges faced by different companies and addressing investor concerns on a number of key policy areas,” the Presidency said.
Investment and Infrastructure Office
The Investment and Infrastructure Office is expected to continue to lead the national investment drive and ensure optimal use of the resources of the Infrastructure Fund.
“The office will be responsible for developing the country’s investment strategy, refining the institutional infrastructure for investment mobilisation, and establishing an investment intelligence capability,” the statement reads.
The Investment and Infrastructure Office is also expected to enable the Presidency to oversee coordination between all structures dealing with infrastructure development, including the Infrastructure Fund, which is being incubated at the Development Bank of Southern Africa.
“This will allow the Presidency to monitor progress and address blockages in priority infrastructure projects and the private sector projects identified through the Investment Conference,” said the Presidency.
Presidential Advisory Council on Investment
To complete government’s investment policy and architecture, the President will soon announce a Presidential Advisory Council on Investment.
This council will advise on government’s investment strategy and promote improved collaboration with the private sector, development partners, investment agencies and other social partners.
The council will comprise persons with expertise in investment and development facilitation, drawn from South African, regional and international organisations and firms.
The President has expressed his gratitude to the new Special Envoys on Investment and Dr Ramokgopa for availing themselves to contribute to growing the South African economy and creating jobs for its people,” said the Presidency.