CAPE TOWN (The Southern African Times) – African Rainbow Minerals (ARM) executive chairperson Dr Patrice Motsepe says that government can take further steps to encourage private investment in South Africa.
Motsepe, who is one of the richest men in South Africa, was responding to a question around the political and regulatory conditions needed to stimulate vital private sector investment in mining and the broader economy.
He said that the private sector worldwide is the ‘engine’ for job creation and that there was a commitment from this sector to South Africa despite perceived problems in the country.
“There is a lot of good money that is on the sideline, and we have to incentivise and be creative. We have got to look at our tax legislation in the context and link it up with job creation.
“The big challenge for South Africa is the poor. The big challenge for South Africa is unemployment. The big challenge for South Africa is quality education and skills. This country has exceptional people (and) we will make success and grow in the medium to long term.”
Motsepe said that he has spoken to a number of friends and colleagues who indicated that they plan to leave the country. However, he said that he plans to remain in South Africa and ‘work it out’.
“I will never give up on the people of this country. I grew up in a country that was divided, (had) lots of problems and tensions and was segregated by law. Even at that time of legalised division, I had the privilege of seeing some of the most incredible people in this country. Black people, white people and everybody else.”
“So my view of the future of this country is based on this huge amount of support, love, encouragement, as a young, young boy, over many years, that I’ve been given by all South Africans.”
Motsepe is the founder and chairman of African Rainbow Minerals. He became a billionaire in 2008 – the first black African on the Forbes list.
At the time of writing, he had an estimated net worth of $2.1 billion (R34.94 billion) and is currently placed 10th on the Forbes African Billionaires list.
In 2016, he launched a new private equity firm, African Rainbow Capital (ARC) focused on investing in Africa. Among ARC’s investments are mobile network Rain and digital bank TymeBank.
Motsepe also has a stake in Sanlam, a listed financial services firm, and is the president and owner of the Mamelodi Sundowns Football Club.