Letter: Make SA attractive to foreign business - Mail & Guardian

[Regarding] “China gifts SA with R370bn”, the prospects of South Africa “growing” by itself has never really been an option. We are intimately tied to the global economy. We desperately need foreign capital to propel growth.

South Africa has failed to do much to attract foreign investment, at times appearing downright hostile to our trading and investment partners.

As for relations with China, they are to be welcomed. But beware: ever since the Greeks left a large wooden horse at the gates of Troy, a healthy measure of caution is advisable in any diplomatic exchange.

More important than positive engagements with the world is merely making the pragmatic choices and policy decisions that will make South Africa an attractive place to do business. Without doing so, there is truly no way we will ever achieve anything like the growth we need for the developmental success we crave. There is something perverse in calling for a stimulus —with foreign money —while threatening investment with expropriation without compensation.

As Dr Mark Mobius, then of Franklin Templeton Investments, once remarked: “They’ve got to make South Africa a much more attractive place for investment … I’m not only talking about foreign investment. I’m talking about local investment.” — Terence Corrigan, Institute of Race Relations, Johannesburg

https://mg.co.za/article/2018-09-21-00-letters-to-the-editor-september-21-to-27