World business shows increased confidence in SA

Pessimism about South Africa is fast becoming extinct among foreign investors, according to a study by the German Chambers of Commerce released in Johannesburg on Friday.

The study revealed that top international investment companies showed an increase in confidence in South Africa’s government and economic climate.

“The devaluation of the rand and crime still remained major concerns,” Matthias Boddenberg, said the chief executive officer of the South Africa-Germany Chamber of Commerce.

Boddenberg presented the study’s findings at a business forum hosted by the Department of Trade and Industry. The gathering was under the banner of Trade and Investment South Africa (Tisa).

However, Boddenberg said South Africa’s performance to attract foreign direct investment was poor.

On September 16, a United Nations document, the World Investment Report, rated South Africa’s performance at attracting foreign direct investment at 113 out of 140 countries.

The report placed South Africa at 77 in terms of potential for attracting foreign direct investment. - Sapa

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