As South Africa prepares to host the World Economic Forum on Africa this week, Minster in the Presidency Jeff Radebe says the country is open for business. Among the measures that will be addressed in the coming weeks are a review of the new visa regulations.
A committee has been appointed to examine all the issues associated with migration, including that of visas, he told a media conference on Friday.
“There were honourable reasons for the regulations but there has been an impact on tourism,” Minister Radebe says. “We need to ensure that we take into account the concerns of the tourism industry.
“We are dealing with it as a matter of extreme urgency,” he adds.
The World Economic Forum on Africa, with the theme “Then and Now: Reimagining Africa’s Future”, takes place in Cape Town from Wednesday this week.
“This is an important event to showcase with South Africa has to offer other countries and business globally,” Minister Radebe says.
Despite challenges, he says the country is implementing the National Development Plan (NDP), with a target of creating 11-million new jobs by 2030, developing economic infrastructure, addressing poverty, reforming the health system and developing education that addresses the country’s long-term growth and development.
“South Africa remains the most diversified economy on the continent, providing a supportive regulatory framework, well-developed infrastructure network, a world-class financial hub and world-class services for business opportunities,” Minister Radebe says.
“We remain a competitive business and investment destination. According to the UNCTAD, South Africa remained the top foreign direct investment (FDI) destination in Africa during 2013, significantly increasing FDI inflows from $4,6-billion in 2012, to $8,1-billion in 2013 – mostly in green field investments.”
South Africa is also an easy place to do business, Minister Radebe says, coming in first in five of the 10 criteria the World Bank used to assess ease of doing business.
This year’s WEF Africa meeting the 25th, and the largest to date, with more than 1 250 leaders from business, academia, civil society and the media set to attend.