Cabinet happy with ‘positive investor sentiment’ during Ramaphosa, Mashatile trips
Cabinet has commended the positive investor sentiment resulting from President Cyril Ramaphosa’s visit to the US and Deputy President Paul Mashatile’s visit to the UK.
During the trips, the two leaders promoted South Africa as a prime investment destination, with Ramaphosa addressing the New York Stock Exchange.
Briefing the media in Pretoria on Thursday, Minister in the Presidency Khumbudzo Ntshavheni said the government's focus on economic growth and job creation is ongoing.
"The president’s programme, on the margins of the 79th United Nations General Assembly, included opportunities to promote South Africa as an investment destination of choice, such as in his address to the New York Stock Exchange – the largest stock exchange in the world by market capitalisation.
"The deputy president’s investment drive to the UK and Ireland also included an address to the London Stock Exchange about the need to expand their investment footprint to South Africa. The LSE was the most valued stock exchange in Europe from 2023."
Ntshavheni said during its weekly meeting, the cabinet also welcomed the budget increase of R400 million to R2.4 billion for the Temporary Employer-Employee Relief Scheme.
"The increase is part of the government’s proactive response to help preserve jobs by assisting companies that find themselves in financial distress due to difficult economic conditions and thereby minimise retrenchment."
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