THERE IS RENEWED CONFIDENCE IN SOUTH AFRICA’S ECONOMY, SAYS PRESIDENT

| July 16, 2018

JOHANNESBURG-- There is renewed confidence in South Africa's economy, says President Ramaphosa, who secured commitments for investments totalling 20 billion US dollars during visits to Saudi Arabia and the United Aram Emirates (UAE) last week.

The pledges came ahead of a major investment promotion conference which South Africa is organizing in October as part of efforts to realise the target of securing 100 billion USD in new investments which he announced ear;ier this year in order to kickstart the domestic economy.

President Ramaphosa is optimistic that he's on course towards meeting the 100-billion-USD investment target after returning here from a three-nation tour which also took him to Nigeria.

Ramaphosa said he had taken the opportunity to raise the issue of escalating fuel prices with the three oil-producing countries.

They want to continue with their production and I'm sure they will up it. They are seeing great prospects for their own economy in relation to where the price of oil is and also they want to get more and more oil into the market and we will see what that does in the end but we did discuss it. Their economies are driven by oil and we must understand that, added Ramaphosa.

Source: NAM NEWS NETWORK

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