President Cyril Ramaphosa says he is forging ahead with economic reforms because they are yielding the expected results.
Ramaphosa revealed in the latest weekly newsletter, From the President’s Desk, that the government was striving to make it easy to operate for both foreign and local businesses.
“We want to be a destination of choice for foreign direct investment,” he added.
Furthermore, his government was making it easy to do business here by slashing the time it took investors to get licences and permits.
“To attract investment we need to make it easier to do business in South Africa. In a competitive global environment, investors are looking for countries that can provide stable and sustained returns, while minimising risks and cost,” he said.
Although many entrepreneurs struggled to mobilise capital and access markets, they also found it difficult and costly to meet the regulatory requirements for starting and running a business. Key to solving this problem would be introducing a common application form across development funding institutions.
“We are working to make business easier for the person starting out in a garage and for the multinational looking to open a new factory. We are making it easier to start a business, register a property, deal with construction permits, pay taxes and trade across borders.
“We are working with business to ensure the conditions attached to licences are not too onerous or costly. We’ve prioritised immigration reform to attract skilled workers and grow tourism.”
Visitors to South Africa would soon be able to apply for an e-visa online.
The president recently signed off on a law to establish an electronic deeds registration system to improve turnaround times, enhance accuracy and make information more readily available.
“Improving competitiveness is not only about the cost and ease of doing business. It is about institutional quality, restoring the balance of powers across state entities, enhancing administrative efficiency and governance,” Ramaphosa said.