Ramaphosa Says Far-Reaching Reforms Needed to Achieve FDI Target

(Bloomberg) -- South African President Cyril Ramaphosa said far-reaching reforms will be needed to achieve the 1.2 trillion rand ($81 billion) of investment his government wants to attract over five years.

“To attract investment we need to make it easier to do business in South Africa,” Ramaphosa said in a weekly statement posted on his Twitter account. He’ll deliver the opening address at an investment conference in London later on Monday.

South Africa’s ranking in the World Economic Forum’s 2019 Global Competitivess Report improved seven places to 60th position. Further government measures are planned to improve the nation’s competitiveness, Ramaphosa said.

©2019 Bloomberg L.P.