PRETORIA WELCOMES MARRIOTT HOTELS’ 3.0 BILLION RAND INVESTMENT

The South African government has welcomed the decision by United States hotel group Marriott Hotels to invest 3.0 billion Rand (about 216 million US dollars) to build five new hotels in the country.

Minister in the Presidency for Planning, Monitoring and Evaluation Jeff Radebe told the media after the fortnightly Cabinet meeting here Thursday that the proposed investment would see the group complete five new hotels — three in Cape Town and two in Johannesburg.

“The announcement demonstrates the investor confidence in the country and positive future prospects of the local economy,” said Radebe.

Meanwhile, the Cabinet noted the recent naming of South Africa as the best country for debt management and sovereign bond issuance in sub-Saharan Africa by Emerging Markets Newspaper, an affiliate of the IMF/World Bank Annual Meetings.

“The award comes after the World Bank acknowledged the country’s excellence in debt dynamics/composition. These accolades are testament to the success the country continues to enjoy in global capital markets and the prudent manner in which the economy is managed,” said Radebe.

The Cabinet also took note of the first State visit to Kenya by a South African president since the dawn of democracy in this country. President Jacob Zuma was accompanied on the visit by a business delegation which participated in a Kenya-South Africa Business Forum to explored investment and trade opportunities between the two countries.

President Zuma’s three-day visit to Kenya last week saw the signing of several memoranda of understanding (MoU).

The Cabinet also welcomed the signing of an MoU on higher education between South Africa and Namibia at the recently held Second Session of the Bi-National Commission of the two countries. It also took note of Deputy President Cyril Ramaphosa’s recent working visit to Vietnam and Singapore to unlock future trade and investment, and to attract Singapore’s State-owned enterprises to invest in South Africa through public-private partnerships.

Source: NAM NEWS NETWORK.

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