South Africa: FDI reach 5-year high in 2018

2018 was a record year for foreign direct investment in South Africa.

The Southern African nation more than doubled the number of new investors over the past year. It’s a first in five years.

The news announced by the central bank gives credit to the policy of President Cyril Ramaphosa, who promised,
to bring back foreign capital into the country when he assumed office in February 2018.

Foreign capital was gradually withdrawn from the South African economy during the last years of Jacob Zuma’s presidency.

According to the South African Central Bank, foreign direct investment reached 70.7 billion rand or 4.8 billion dollars in 2018 compared to 26 billion rand the previous year.

President Ramaphosa promised to attract up to 100 billion rand of FDI to South Africa by 2023.

The promise involves consolidating structures of the economy, which are currently weakened by severe power cuts.

Reuters