As South Africa seeks to be regarded as a key investment destination of choice on the continent, Cabinet approved the publication of the Country Investment Strategy (CIS) for public comment.

“The strategy seeks to position the country as a key African investment destination of choice by leveraging quality foreign and domestic direct investments,” a Cabinet statement said on Friday.

The strategy is anchored on the country’s priority investment and economic development sectors such as:

• finance, insurance, real estate and business services;

• transport and logistics,

• manufacturing;

• mining and quarrying,

• electricity, gas and water, and

• agriculture and agro-processing.

“It provides investment mechanisms to attract small, medium and micro enterprises into the economic growth drive. The strategy also taps into a number of multilateral, regional and bilateral agreements, which South Africa has signed.

“The strategy is aligned to the goals of the National Development Plan, Economic Recovery and Reconstruction Plan, Re-imagined Industrial Strategy and the recently adopted National Infrastructure Plan 2050,” Cabinet said.

The nine provinces and their eight respective metropolitan key economies are central in driving the strategy, which will be a living document that will constantly be adaptable to the changing economic environment.

Cabinet also approved the One-Stop Border Post (OSBP) Policy and its implementation strategy.

“The policy seeks to harmonise the movement of people and goods between South Africa’s land ports of entry and its neighbouring countries. It gives effect to the One-Stop Border Framework that was adopted by Cabinet in 2018.

“The application of the policy will alleviate current congestions at our land ports of entry for cross-border travellers and traders. These interventions are also key in the country’s efforts in driving the African Continental Free Trade Area (AfCFTA) agreement,” Cabinet said.

Once fully operationalised with relevant legislation and infrastructure upgrades, we envisage that the processing of goods, vehicles and people will be done in a seamless and faster manner.

Auction of high-demand radio frequency spectrum

Meanwhile, Cabinet has welcomed the successful conclusion of the country’s first auction of the high-demand radio frequency spectrum by the Independent Communications Authority of South Africa (ICASA).

“The R14.4-billion revenue collected from the auction will go to the national fiscus to support our national priorities, which include rebuilding the economy, creating much-needed jobs, and fighting corruption, crime and gender-based violence and femicide.

“The availability of additional high-demand spectrum will speed up the roll-out of new technologies such as 5G, reduce the cost of mobile data and ensure greater internet connectivity. The licensing of the new spectrum is accompanied by agreed social obligations to connect public schools, health facilities and police stations over the next three years,” Cabinet said.

Source: South African Government News Agency