Motsepe says South Africa must curb crime to lure investors
South African billionaire Patrice Motsepe said the country must shake off its reputation for high crime levels if it wants to attract more investment.
“Part of our challenge is crime,” Motsepe said at the inaugural Bloomberg Africa Business Summit in Johannesburg on Tuesday. Despite that, South Africa “has got enormous potential,” boasting “some of the best businesses, some of the best CEOs,” the 63-year-old tycoon said.
Motsepe is South Africa’s wealthiest Black person who made his fortune in gold mining in the 1990s and 2000s. His African Rainbow Minerals has a portfolio including coal, iron-ore, platinum-group metals and manganese mines. The firm also owns 10% of Harmony Gold Mining, the largest producer of the precious metal in Motsepe’s home nation.
“We’ll always be in gold,” Motsepe said. “It has done exceptionally well, the price has gone through the roof,” he said of bullion’s recent record-breaking rally.
The businessman — who is the brother-in-law of South African President Cyril Ramaphosa — holds a controlling interest in TymeBank and is a substantial shareholder in Sanlam, the country’s largest insurer by market value.
Discussing the need to improve perceptions around South Africa as an investment destination, Motsepe described a conversation with a foreign executive considering setting up operations in the country.
“An international CEO said to me, ‘is it safe because I need to bring some of my smartest people and want to make sure that their families are safe?’” he said. “It’s a reflection of the bad name and the bad reputation.”
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