Investments are pouring into South Africa from abroad again
Foreign direct investment (FDI) into South Africa totalled R11.7 billion in the first quarter (Q1) of 2019, a sharp recovery from outflows of R8.2 billion in the last quarter (Q4) of 2018.
Portfolio investment inflows came in at R29.2 billion in Q1/2019 versus outflows of R33.9 billion in Q4/2018.
FDI into Africa rose 11% year-on-year to $46 billion in 2018.
FDI in Nigeria and Egypt fell, but this was outweighed by surging inflows to other countries on the Continent, mainly South Africa.
South Africa is heavily dependent on foreign capital to cover its persistent budget and current account deficits.
Arabile Gumede (in for The Money Show’s Bruce Whitfield) interviewed Ernst & Young’s Sandile Hlophe about the recovery in FDI and how it underlines the Continent’s technology and infrastructure needs.
Listen to the interview in the audio below (and scroll down for quotes from it).
Quite a lot of investment has gone into the digital economy…Sandile Hlophe, EY
We’re presented an opportunity to leapfrog technology… We don’t have any legacy systems to deal with… Cloud allows us to deploy things much quicker…Sandile Hlophe, EY
We are not regressing…Sandile Hlophe, EY
We are seeing a return of the United States… a bit of a catch-up… The Chinese have made a good headway…Sandile Hlophe, EY
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