National
IRR - SA biting the hand that feeds it─── THANDI XABA 06:05 Fri, 04 Sep 2015
Johannesburg - In December 2013, the total value of foreign direct investment (FDI) in the country was close on R1 600bn of which about 85% was from the West.
This is according to the Institute of Race Relations (IRR) which states the ruling African National Congress (ANC) seems intent on alienating the West and adopting a rigid pro-Russia and pro-China stance.
Head of Policy Research at the South African Institute of Race Relations Anthea Jeffery says investment from the West is crucial for development of infrastructure and creating capacity for new jobs but yet the government seems hostile towards the Western countries.
The West includes countries like the USA, UK and Netherlands to which Jeffery adds, the value of the FDI from China was over 3% of the total, while the value of the indirect investment, mainly equities and bonds from China was roughly 0.5%.
She also highlights that the current economic turbulence is set to damage investor confidence in South Africa throughout the West.
Thandi Xaba/OFM News
