Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

South Africa Should Attract Long-Term Investment, Gordhan Says

Don't Miss Out —
Follow us on:

April 22 (Bloomberg) -- South Africa should attract long-term investment into the country and the continent and build on its reputation as the launching pad for investment in Africa, Finance Minister Pravin Gordhan said.

“There is a profound structural shift in the global economy in which the emerging markets will play a key role,” he said in an opinion piece published in Sunday Times today. “Africa and South Africa can, and must, ride this new wave of growth.”

The continent will prove to offer higher returns for investors seeking new opportunities, he said. Real rates of returns averaged about 22 percent from 2005 to 2008, the same range as China’s, Pravin said, citing the World Bank.

Growth, investment and development are critical to help South Africa transform aspirations on the ground, he said. The country must continue to improve the quality of its social spending, which has increased from 49 percent of government expenditure 10 years ago to 58 percent, he said.

“The challenge now is not so much the increase in the rand value of social expenditure, but the increase in the quality of public services, especially education and health,” he said. “More importantly, our task is to shift people out of the welfare net and into jobs.”

To contact the reporter on this story: Jana Marais in Johannesburg at jmarais@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.