Telecommunications and Postal Services Minister of South Africa says the Country Continues to be an Investment Destination
Siyabonga Cwele, South Africa's Telecommunications and Postal Services Minister said that the country attracted R64.3 billion in Foreign Direct Investment (FDI) which crossed the target of R45 billion in the initial three quarters of the ongoing fiscal year.
On Tuesday, while addressing the media, the minister said South Africa continues to be an investment destination and also a competitive business amidst challenges faced by economy globally.
Cwele said, "For citizens, the investment means an opportunity to work, to develop their skills, earn a sustainable income and feed a family." While briefing the media in the International Cooperation, Trade and Security organized in Cape Town, Minister Cwele said that the country maintains its engagements with the European Union, which remains the biggest trading partner and foreign investor for South Africa.
He said that more than 2000 companies from the European Union are operating in South Africa and have added more than 350 000 jobs. He added, "The EU also contributes ... about R1.5 billion to infrastructure development for domestic and regional programmes through the Infrastructure Investment Programme."
According to Minister Cwele, the tourism sector also greatly contributes to the economy of the country adding approximately nine percent to the GDP or Gross Domestic Product.
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