S. Africa remains preferred investment destination: Zuma

Source: Xinhua| 2017-09-08 23:28:08|Editor: Mu Xuequan
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CAPE TOWN, Sept. 8 (Xinhua) -- South Africa remains a preferred investment destination on the African continent despite some problems it is facing, President Jacob Zuma said on Friday.

"We need to work together as government, business and organised labor to ensure that we sustain this positive trajectory," Zuma said in Cape Town as he launched the InvestSA One Stop Shop for the Western Cape Province.

There have long been concerns from the business community over bureaucratic hurdles hindering investment in South Africa.

The latest launch followed that of the National One Stop Shop in March, and Zuma said there will be launches in other provinces in due course.

Under the One Stop Shop, all key regulatory and administrative departments and agencies are housed in a single location to provide an integrated service to investors who wish to set up a business.

An investor will find it easy to get all these services under one roof such as permits to water or electricity services, and licensing, according to Zuma.

"This is happening for the first time in our history," Zuma said.

"Our intention is to unblock and reduce red tape in government," he added.

The government has established an Inter- Ministerial Committee on Investment, comprising 18 cabinet ministers to oversee the overall investment policy, coordination and alignment including the investment climate and marketing of South Africa as an investment destination.

"It is not only foreign investors that we seek to attract to invest into our economy. We also seek to encourage domestic investors to also do the same," said Zuma.

He said the government is aware of the concerns about the state of the country's economy, including the continued slow economic growth, rising government debt, and poor performance by some state-owned companies.