Tuesday, June 02, 2015

Cape Chamber: Lack of growth and policies discourages foreign investment

Mbasa Gqokoma
02 June 2015

The Cape Chamber of Commerce attributed the increase in the petrol price to the weakening rand and the poor performance of the economy.

Cape Chamber President Janine Myburgh said there would be further increases as the economy continues to under-perform.

Myburgh added that the lack of growth, over regulation and policies have discouraged foreign investment in the country.

Myburgh says the poor growth is as a result of, for example, the Eskom disaster which is literally holding the industry to a ransom.

“Businesses are forced to stop new projects as a result of this challenge. It is a good thing that we are no longer paying almost a $100 US dollars a barrel of oil”.

At the chamber, our main concern is the price of diesel is the feel of industry, transport and agriculture obviously stand by generators, Myburgh added.

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