The Department of Trade, Industry and Competition (the dtic) and the International Finance Corporation (IFC) will sign an Memorandum of Understanding (MoU) on the phase two of the Investment Climate Reform Programme (ICRP) at the dtic Campus in Sunnyside, Pretoria tomorrow, Friday, 16 September 2022 from 09:30.

The second phase of the programme will address business environment competitiveness, investment attraction and promotion through the country’s investment strategy and sectoral interventions. Several stakeholders will convene to develop a responsive programme to reduce red tape and create a more competitive business environment.

According to the Acting Deputy Director-General of Inward Investment Attraction, Facilitation and Aftercare (IIAFA) at the dtic, Mr Yunus Hoosen, the presidential investment target to secure over R1.2 trillion in investments over five years has prioritised creating an enabling business environment and the removal of red tape.

“In June this year, we reached a milestone of completing phase one of the Prosperity RSA and Private Sector Competitiveness Programme which focussed on business regulatory reform, competition policy and market regulation and investment policy promotion. The programme yielded quantifiable investments and tangible results such as the flagship development of the Bizportal and the City of Johannesburg’s online permitting system,” says Hoosen.

He adds that the programme was supported by the Prosperity Fund from the United Kingdom and the Swiss State Secretariat for Economic Affairs (SECO).

The IFC Director of Southern Africa and Nigeria, Mr Kevin Njiraini praises the partnership between the Government of South Africa, the IFC, SECO and the Foreign, Commonwealth and Development Office for being instrumental in helping strengthen South Africa’s business environment for a more inclusive and transformational economic growth.

“We have worked closely with government partners under phase one of the IFC’s investment climate project to advance more than 15 reforms that led to increased investments across multiple sectors of the economy. South Africa’s government’s request for phase two is testament to the value that the project has created,” adds Njiraini.

Bongani Lukhele – Director: Media Relations
Tel: (012) 394 1643
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Issued by: The Department of Trade, Industry and Competition (the dtic)
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