SA rose seven places to 49 out of 140 economies in the latest World Economic Forum 2015 Global Competitiveness index released earlier this week.
Tim Harris, CEO of Western Cape’s official tourism, trade and investment promotion agency believes this upward shift in the rankings indicate that South Africa remains high on the radar of global investors.
Says Harris, “With South Africa’s jump in the global competitive index, the Western Cape is able to strengthen our case as a growing global investment destination. With a highly skilled work force, world class infrastructure, and a well-developed transport system linking us with the rest of the continent, our province offers investors the ideal location from which to head quarter.”
Harris also says that the depreciation of the Rand means that investors have the opportunity to get even more value for their money in foreign currency terms. “We must take scenarios which seem negative and turn them into situations that can positively impact our economy. We must remain innovative in our approach in order to both maintain and attract investment,” he adds.
The global competiveness index is based on 12 pillars, taking into consideration factors like innovation, health and primary education, infrastructure, financial market development, labour market efficiency and technological readiness among other things.
Globally, Switzerland was ranked tops followed by Singapore and the United States of America in third while Mauritius continues to lead the way in Sub Sub-Saharan Africa.