An Inter-Ministerial Committee (IMC) on Investment was launched by president Jacob Zuma yesterday (Tuesday) to “improve support and assistance” to companies seeking to invest in South Africa by facilitating an InvestSA service and rolling out a one-stop service (OSS) for investors in all provinces.
The Presidency said in a statement on Tuesday that potential investors had, in the past, complained about the time they had to spend visiting different government departments and institutions to fulfil regulatory requirements and called for simplification of the regulatory framework.
A fully fledged InvestSA and one stop service – which will fast-track, unblock and reduce red tape in government – is expected to be launched later this year.
The IMC on Investment will be chaired by President Zuma, assisted by Minister Davies. It will also include ministers of Agriculture, Forestry and Fisheries; Cooperative Governance and Traditional Affairs; Economic Development; Energy; Environmental Affairs; Finance; Health; Home Affairs; Labour; Mineral Resources; Public Enterprises; Rural Development and Land Reform; Science and Technology; Water and Sanitation; and Small Business Development.
Some of the IMC objectives include:
- Overall coordination, alignment and policy coherence on economic policy and regulatory framework, thereby providing clarity and certainty to investment.
- Improvement in South Africa’s investment climate, in particular the ease of doing business and competitiveness of South Africa.
- Coordination and roll-out of the One Stop Service across all levels in government.
- Promoting regional integration and industrialisation of the African Continent.
- Promoting cooperation and partnerships between government and the private sector.
“The IMC will be open to inputs from the business community and other sectors as it works to create the new investment agency. It will also interface with the President’s Coordinating Council, which brings together national government, premiers and local government,” said presidential spokesperson, Sidwell Medupe.
