.Former president Nelson Mandela said on Tuesday that South Africa’s economic and financial performance should not be compared with developed countries.
Business Report quoted Mandela as saying: “When judging South Africa you have to take the background into account.” He was addressing a gathering of international advisers in Cape Town.
The prevalence of low levels of academic qualifications in the country’s population has affected people’s expectations. Parents and teachers of the majority of SA’s population were not highly qualified.
“Judge the country on its own merits,” Mandela said. He urged foreign companies to expand into South Africa, saying economic fundamentals are sound, the financial system is comparable to the best in the world and the legislative framework is investor friendly.
Mandela pointed out that of all the emerging markets, South Africa’s economy best withstood the battering from last year’s Asian crisis, and much has been accomplished in the country’s recent transition.
One of the priorities of the new government is to nurture the economy to assist job creation. “International resources and expertise need to be combined with emerging black business,” he said, adding that business needs to increase its involvement in education.
“These initiatives are indispensable if South Africa wants to be a competitive global player and for that we need the support of international partners.”
Mandela, however, conceded the new government had made many mistakes in its first five-year term of office, including incidents of corruption.