Basa: Business will invest if the SA govt carries out this .....

A recent meeting between a group of chief executive officers of leading businesses and President Cyril Ramaphosa and his advisors aimed to address urgent socio-economic challenges facing South Africa. Cass Coovadia, the managing director of The Banking Association of South Africa, shed light on the discussions held during the meeting. The meeting took place shortly before the announcement of an 18-member Economic Advisory Council by the President, signaling a collaborative effort between the government and business leaders to stimulate economic growth in the country. Coovadia emphasized the importance of instilling confidence in both local and foreign investors by taking decisive actions to create a more favorable investment climate. The looming challenges of a stagnant economy, high unemployment rates, and social unrest were highlighted as key areas needing immediate attention. Business leaders urged the government to suspend stringent visa regulations to facilitate tourism and importation of necessary skills. Additionally, they emphasized the need for swift action on spectrum allocation and cautioned against policies that could further erode investor confidence, such as the controversial credit amendment bill. President Ramaphosa acknowledged the valid concerns raised by the business community and expressed willingness to engage further on these issues. A commitment to establish a structured engagement mechanism was made to ensure ongoing dialogue between business leaders and the government. The President hinted at forthcoming announcements before the budget policy statement, indicating a proactive approach to addressing the identified economic challenges. Despite the current lack of conducive investment environment, business leaders reiterated their readiness to collaborate with the government on the condition that necessary interventions, such as visa reforms and regulatory streamlining, are implemented. Coovadia stressed that business's willingness to support the government hinges on its ability to demonstrate strong leadership and make tough decisions to create a more favorable investment climate. Regarding the potential banking strike scheduled for October 7th, Coovadia affirmed that while respecting the right to strike, banks would take necessary precautions to minimize disruptions to business operations. The meeting served as a platform for constructive dialogue between business and government, signaling a collective commitment to addressing the pressing economic challenges faced by South Africa.