The richest man in South Africa, Johann Rupert, expresses concerns about the country's failing infrastructure, lawlessness, and corruption, stating that it hinders foreign investment. He criticizes politicians for their inability to inspire investor confidence and warns about the consequences of not guaranteeing basic necessities like electricity and water. Major private sector players also show signs of decreasing commitment to the country, with ArcelorMittal winding down its business and risking 3500 jobs.
When the richest man in the country says South Africa can no longer attract foreign investment because of failing infrastructure, lawlessness, and corruption, you can feel the randelas in your pocket shrinking. Speaking at Remgro’s AGM this week, Rupert said he was not hopeful about the much-vaunted social contract being reached between business, labour and government and criticized politicians for failing to run a country that inspires investor confidence.
“If you cannot guarantee electricity, or water or the safety of the employees, I don’t think we can rely upon foreign capital coming into SA,” Business Day quoted Rupert as saying. “The railways have fallen apart. So now the roads have been overused, so the roads are falling apart.” Rupert’s comments come amidst other ominous indicators from major private sector players about their waning commitment to the country. The continent’s largest steelmaker, ArcelorMittal, announced it is winding down its business in the country, placing 3500 jobs in jeopard
South Africa Foreign Investment Failing Infrastructure Corruption Investor Confidence Electricity Water Private Sector Arcelormittal Jobs
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