Public Enterprise calls for US investment in SA
THE DEPARTMENT of Public Enterprises has called on America (US) to invest in South Africa, as it embarked on a state-led infrastructure drive that would transform the country’s economic landscape. Minister Malusi Gigaba made the call during the inaugural South Africa-United States business summit. The summit is held in conjunction with US Secretary of State Hillary Clinton’s four-day visit to South Africa.
Clinton arrived in the country on Monday the 6th August 2012, and was scheduled to join International Relations and Co-operation Minister, Maite Nkoana-Mashabane, in hosting the second annual US-South Africa Strategic Dialogue meeting in Pretoria on Tuesday the 7th of August 2012. South Africa is keen to work with the US to make direct investments into the South African economy and to develop South African companies to become part of global supply chains. Public Enterprise says it doesn’t want the US to only buy from South African companies , but rather, to see these companies also exporting into the regional and global market through their supply chains.
Eskom and Transnet have started to implement major new plans to develop South Africa’s infrastructure. The companies have begun embarking on long-term-planning and striving beyond budgets to invest in projects that will change the economy. If the two companies use the budget identified and approved by the state, South Africa’s economic landscape will be significantly transformed in the next eight years.
Transnet has expanded it capital expenditure budget from R110-billion over five years to over R300-billion over seven years. Eskom is projected to spend over R330-billion in the next five years. The projects planned by the national government will focus on the country’s roads, railways, electricity supply, information and communication technology, and dams.