SA working to attract business

The government is committed to improving the investment climate and the ease of doing business in the country, to enhance South Africa’s status as a competitive investment location, Trade and Industry Minister Rob Davies said yesterday.

South Africa was ranked 72nd among 89 countries in the 2016 World Bank’s Doing Business Report, and 74th out of 190 countries in the 2017 report.

It fared better in the World Economic Forum’s Global Competitiveness Index 2016-17, ranking47th out of 138 countries.

It was ranked number one in the index for financing through local equity market, the strength of its auditing and reporting standards, and the protection of minority shareholders’ interest.

It came second in terms of the soundness of its banks, and third for the regulation of securities exchanges and the efficacy of corporate boards.

Davies said in a written response to a parliamentary question by DA trade and industry spokesman Geordin Hill Lewis that Investment SA (a division in the Department of Trade and Industry) and the Treasury had formalized a relationship with the World Bank and had arranged workshops with government departments and agencies to understand the methodology and criteria used by the World Bank team.

Investment SA was also working on a memorandum on the criteria used to assess the indicators for ease of doing business.

It was also coordinating the establishment of a one-stop shop for investors.

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