10th Meeting of the International Investment Council

The International Investment Council (IIC) convened for its 10th meeting between 12 and 14 May 2006 at Mount Grace Country Hotel & Spa; Magaliesburg.

The meeting analysed developments in the world economy with a special focus on the South African economy.

The IIC noted the growth of the South African economy over the last 12 to 24 months as illustrative of the country's solid economic fundamentals coupled with sound economic management. Consequently, the IIC reiterated its view that conditions existed for South Africa to aim for a growth target higher than the current 6% growth target by 2010. This would require the mobilisation of all South Africans, especially the investor community, to commit to higher rates of investment. At the same time, government needs to speed up implementation of its infrastructure programme and work with other social partners to attract more Foreign Direct Investments (FDI) in priority areas already identified and other sectors of the economy.

Specific presentations and discussions covered the following issues:

• Progress on the implementation the Accelerated Shared Growth Initiative for South Africa (AsgiSA)
• Progress on the Jobs for Growth initiative aimed at creating jobs in rural areas through co-operatives and small business development with a special focus on women (Jobs for Growth is one of the Second Economy initiatives of AsgiSA,
• The Japanese experience on Small Medium and Micro Sized Enterprises
• The global energy situation and South Africa and Africa's energy production and distribution capacity
• Briefing on progress in the Doha round of negotiation in the World Trade Organisation
• South Africa's experience in the implementation of the African Peer Review Mechanism
• Communication environment in SA and current challenges in marketing the country abroad.

Members of the IIC expressed their appreciation at the focussed nature of the discussions, which is a reflection of the evolution of the Council into a body combining reflections on general strategic issues and discussion on concrete challenges and solutions.

The IIC will meet again during the second half of 2006.

List of attendees to the 10th meeting of the International Investment Council

President Thabo Mbeki, President of the Republic of South Africa
International Members of the ICC
Mr Masaki Miyaji, Corporate Advisor Mitsubishi Corporation
Mr Naill FitzGerald KBE, Chairman Reuters Group PLC
Dr Martin Kohlhaussen, Chairman of Supervisory Board of Commerzbank AG
Prof Dr h.c Juergen Schrempp, Former Chairman of the Board of Management of DaimlerChrysler
Mr Ratan Tata, Chairman of Tata Sons Limited
Mr Percy Barnevik, Chairman of the Board of AstraZeneca PLC
Sir Samuel Jonah , Non Executive Chairman Anglo Gold Ashanti
Ms Anne Lauvergeon, Chairman of the Executive Board of AREVA
Mr.Lakshmi N. Mittal, Chairman and Chief Executive Officer, Mittal Steel Company
Mr Viktor Vekselberg, Chairman Renova

South African attendees of the ICC

Deputy President Ms Mlambo-Ngcuka, Deputy President of the Republic of South Africa
Minister Dr Essop Pahad, Minister in The Presidency
Minister Trevor Manuel, Minister of Finance
Minister Lindiwe Hendricks, Minister of Mineral and Energy Affairs
Minister Alec Erwin, Minister of Public Enterprises
Minister Thoko Didiza, Minister of Agriculture
Minister Dr Ivy Matsepe-Casaburri, Minister of Telecommunications
Minister Mandisi Mpahlwa, Minister of Trade and Industry
Deputy Minister Ms Elizabeth Thabethe, Deputy Minister of Trade and Industry
Rev Frank Chikane,Director-General in The Presidency
Adv Mojanku Gumbi, Legal Advisor in The Presidency
Mr Joel Netshitenzhe, Chief Executive Officer: Government Communication and Information Service
Mr Murphy Morobe, Deputy Director-General in The Presidency
Dr Ayanda Ntsaluba, Director-General of Foreign Affairs
Mr Lesetja Kganyago, Director-General of National Treasury
Ms Raisibe Morathi , Advisor to the Deputy President
Mr Goolam Aboobaker, Deputy Director-General PCAF (policy)
Mr Alan Hirsch ,Chief Director Economic Sector
Mr Masiphula Mbongwa, Director-General: Department of Agriculture
Mr Tshediso Matona , Acting Director-General: Department of Trade and Industry
Mr Mxolisi Matshamba,Acting Deputy Director-General: Department of Trade and Industry
Mr Sadiq Jaffer,Chief Director: Department of Trade and Industry
Mr Success Mavuso,IIC Secretariat

For more information, please contact: Mukoni Ratshitanga

Tel: (012) 300 5436
Cell: 082 300 3447

Issued by: The Presidency
14 May 2006