South Africa attracted R64.3 billion in Foreign Direct Investment (FDI) in the first three quarters of the current financial year, surpassing the target of R45 billion, says Telecommunications and Postal Services Minister Siyabonga Cwele.
Addressing media on Tuesday, he said South Africa remains a competitive business and investment destination, despite challenges in the global economy.
Minister Cwele said South Africa continues with its engagements with the European Union (EU), which is its largest trading partner and foreign investor.
“Over 2 000 EU companies are operating within South Africa and have created over 350 000 jobs.
“The EU also contributes … about R1.5 billion to infrastructure development for domestic and regional programmes through the Infrastructure Investment Programme,” he said.
In 2015, South African exports to the EU amounted to more than R216 billion, half of which were manufactured goods.
Minister Cwele said tourism contributed ±9% to GDP and saw 8 903 773 foreign tourist arrivals during 2015, generating significant revenue contribution to the economy.
A number of skills development and capacity building programmes are underway to unlock the full potential of the country’s tourism sector.
