Given our country’s stagnating economic growth, the recent rise in unemployment to a 14-year high and our economic recession, it is important to assure investors that Johannesburg, as the economic hub of Africa, remains open for business.
This, according to the City of Johannesburg’s Mayor Herman Mashaba, before he and Economic Development MMC Sharon Peetz headed off to the United States to embark on an investment promotion campaign.
The campaign will take the mayor and MMC to New York, Washington and Montreal between 10 and 21 June.
Mashaba said he is confident that the campaign will attract long-term capital-intensive investments. Just what the City needs in order for it to become an economic power house capable of bringing many residents out of poverty.
“To realise our vision of ensuring a five percent economic growth rate by 2021, we need to create an enabling environment for businesses to flourish and thereby become employers of our people,” said Mashaba.
READ: Downgrade slashes Joburg’s economic growth plans
This vision was put under serious pressure when South Africa’s national credit score was downgraded in April. The downgrade filtered down to the City with its ratings also under review to be downgraded. The MMC for Finance, Dr Rabelani Dagada, maintained that the only obstacle that could stop the anticipated growth would be a downgrade.
READ: City needs to collect more revenue – MMC
The investment promotion campaign will start in New York and Washington, where the party will be learning about city development best practice and investment attraction.
“In Canada we will attend the XII Metropolis World Congress – World Association of the Major Metropolises in Montreal. Under the theme Global Challenges: Major Cities in Action, the congress will unite decision-makers from major cities around the world as well as public, institutional, private, community and academic stakeholders.”
During the conference, Mashaba said he will be participating in two panel discussions about addressing urban challenges, planning and managing cities and challenges and issues related to governance and cooperation at the metropolitan level.
“Further to this, we will also be meeting with various mayors from around the world to build mutually beneficial relationships between our cities.”
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