South Africa attracted $4.0 billion in Foreign Direct Investment (FDI) in the first three quarters of the current financial year, surpassing the target of $2.8 billion, APA learnt on Saturday.According to Telecommunications and Postal Services Minister Siyabonga Cwele, South Africa remained a competitive business and investment destination despite current challenges in the slowing of the global economy.
“For citizens, the investment means an opportunity to work, to develop their skills, earn a sustainable income and feed their families,� Cwele told reporters after chairing the International Cooperation,Trade and Security cluster media briefing held in Cape Town.
Cwele said South Africa continued with its engagements with the European Union (EU) states which are its largest trading partners and foreign investors.
“Over 2,000 EU companies are operating within South Africa and have created over 350,000 jobs. The EU also contributes about $93.6 million annually to infrastructure development for domestic and regional programmes through the Infrastructure Investment Programme,� the minister said.
South African exports to the EU last year amounted to more than $13.5 billion, half of which were manufactured goods, he added.
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Source: S/Africa attracts $4bn in foreign direct investments-Minister
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