WASHINGTON (CI Africa ) (Update to include to interview with Democratic Alliance member Hlaganani Gumbi on August 3, 2015) – South Africa is seeking to promote more foreign investment in the IT and communications sector to fuel the country’s economic growth, South African President Jacob Zuma said.
[South African President Jacob Zuma speaking to Capitol Intelligence using CI Glass at the National Press Club. Washington, DC. August 4, 2014.]
Zuma said South Africa has already doubled the amount of annual direct foreign direct investment in 2014 to about USD 8bn from 2012 and sees investments reaching USD 10bn a year for the next four years.
The South African president is joined by a high-level delegation of South African business leaders such as Standard Bank co-CEO Sim Tshabalala, South African Airlines CEO Monwbisi Kalawe, Investec Asset Management CEO Hendrik du Toit, and Microsoft General Manager for African Initiatives Fernando de Sousa as part of the US-Africa Leaders Summit taking place this week in Washington, DC.
President Zuma noted that shale gas exploration and the finding of new oil reserves is changing the economic dynamic of Africa’s largest economy.
Microsoft’s de Sousa is proud to note that the African business of Microsoft is already larger than the company’s business in either India or China.
[Capitol Intelligence Interviews Microsoft Fernando de Sousa at Young African Leaders summit hosted by President Obama and First Lady Michelle Obama]
SAA CEO Mobwbisi said the national state carrier must decide whether to acquire 25 wide-bodied long-haul planes from such as the 787s from Boeing or the A380s from Europe’s Airbus by year-end.
As often is the case with South Africa, foreign and domestic worst fears are almost always contradicted by reality.
White South Africans had a real fear that they would be pushed out of South African society by a newly-elected Nelson Mandela only to find themselves decades later much wealthier participants in a dynamic and developed multi-ethnic global economic powerhouse.
South Africans also feared that the election President Jacob Zuma would bring apocalyptic ruin to the nation were surprised that the country’s democratic and economic institutions were strong enough to withstand being led a former South African Communist Party Politburo member.
South Africa is also seeing some very positive political/economic changes underway in South Africa with the country’s center-right Liberal Democratic Alliance winning some 24% of the general vote following the last provincial elections.
The US State Department used the Mandela Washington Fellowship Presidential Summit for Young African Leaders to introduce upcoming Democratic Alliance member Hlaganani Gumbi as an example of constructive political opposition in South Africa.
[Democratic Alliance of South Africa Party Member and Kwazulu-Natal Provincial Legislature Member Hlaganani speaks to Capitol Intelligence/CI Africa using CI Glass at Mandela Washington Fellowship for Young African Leader Presidential Summit in Washington, DC. MPL Gumbi was on a panel with US Representative Hank Johnson (D-GA) and US Senator Edward Markey (D-MA), August 3, 2015.]
The 25-year-old Gumbi, who is member of the Kwazulu-Natal Provincial Legislature in Zuma’s home state, is a pro-business alternative to a growing anti-capitalist faction within the country’s ruling African National Congress.
The fact that Mr. Gumbi could hold his own and better on stage with US Senator Edward Markey (D-MA) and US Representative Hank Johnson (D-GA) from the electoral district that includes the headquarters of Africa’s largest employer, The Coca-Cola Company (NYSE: KO) — speaks the loudest regarding South Africa’s long-term future as a fast growing developed economy.
by PK Semler in Washington, DC. For more information please call +1-202-549-3399 or email email@example.com
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