South African billionaire Patrice Motsepe has urged the country to shed its reputation for high crime if it hopes to attract more investment.
- Patrice Motsepe emphasised the need for South Africa to tackle its high crime rates to attract more investment.
- He highlighted the country’s enormous potential and the strength of its businesses and leaders.
- Motsepe amassed his wealth through African Rainbow Minerals Ltd., specialising in gold mining and various resources.
- His company holds a significant stake in Harmony Gold Mining Co., South Africa’s largest gold producer.
South African billionaire Patrice Motsepe has urged the country to shed its reputation for high crime if it hopes to attract more investment.
“Part of our challenge is crime,” Motsepe said at the inaugural Bloomberg Africa Business Summit in Johannesburg on Tuesday.
Despite this, he emphasised that South Africa “has enormous potential,” with “some of the best businesses, some of the best CEOs.”
Motsepe, South Africa’s wealthiest Black person, built his fortune in gold mining during the 1990s and 2000s. His company, African Rainbow Minerals Ltd., operates mines producing coal, iron ore, platinum-group metals, and manganese.
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The firm also holds a 10% stake in Harmony Gold Mining Co., the country’s largest gold producer.
“We’ll always be in gold,” Motsepe said. “It has done exceptionally well; the price has gone through the roof,” referencing bullion’s recent record-breaking rally.
Beyond mining, Motsepe controls TymeBank and is a significant shareholder in Sanlam Ltd., South Africa’s largest insurer by market value.
On the challenge of improving South Africa’s image as an investment destination, he recounted a conversation with a foreign executive considering the country for expansion:
“An international CEO said to me, ‘Is it safe because I need to bring some of my smartest people and want make sure that their families are safe?” he said. “It’s a reflection of the bad name and the bad reputation.”
