NEWS & MEDIA

PRESIDENT'S INTERNATIONAL INVESTMENT COUNCIL 18 - 20 JUNE 2004,

CAPE TOWN 17 June 2004

The 7th meeting of the President's International Investment Council (IIC) will be held in Cape Town from 18 to 20 June 2004. This is the first meeting of the Council since the third democratic elections and provides an opportunity for reflection upon the consolidation of democracy, South Africa's economic development path, and the benefits thereof to providing a climate that is conducive to foreign direct investment.

The Council brings together fifteen distinguished world business leaders and key Ministers, Directors-General and the President's special advisors to discuss matters pertaining to the South African economy, investment and related topics. Eleven out of fifteen members of the IIC will be attending the meeting this year. A newly appointed Council member, Mr Agnelli, from brazil's CVRD Group will be attending the Council meeting for the first time. The meeting will be attended by:

* Mr Percy Barnevick - Astra Zeneca, Switzerland
* Mr Niall Fitzgerald, Reuters, United Kingdom
* Dr Sam Jonah, Ashanti Goldfields, Ghana
* Dr Martin Kohlhaussen, Commerzbank, Germany
* Mr Masaka Miyaji, Executive Vice President, Mitsubishi, Japan
* Tan Sri Data' Mohd Hassan Marican, Petronas, Malaysia
* Sir Anthony O'Reilley, Independent News & Media, Ireland
* Mr Frank Savage, Savage Holdings, USA
* Mr Jurgen Schrempp, DaimlerChrysler, Germany
* Mr Ratan Tata, Tata Sons , India
* Mr Agnelli, CVRD, Brazil

The good attendance and continual interest in this meeting from the members of the Council bears testimony to the continued support for and confidence in South Africa and government's economic policies. The government delegation will be led by President Mbeki and will include the Ministers of Finance, Trade and Industry, Public Enterprises, Transport, Minerals and Energy, Agriculture, Communications, and the Minister in the Presidency. It is expected that the frank and constructive nature of discussions held at previous Council meetings will be repeated at this 7th meeting.

This year's meeting will reflect on the third democratic elections, the consolidation of democracy in South Africa, government's economic programme for the next five years, as well as the New Partnership for Africa's Development.

One of the critical challenge for the third democratically-elected government in the next decade is the need to integrate two distinct and yet interrelated economies, which are the First and Second economies, into a single economy that benefits all South Africans. The Presidency will do a presentation with special focus on the second economy and government interventions to build a second economy that benefits all.

The meeting will also look at the progress made with regard to the implementation of the government's Microeconomic Reform Strategy. The implementation of the microeconomic reforms will ensure that the key objectives of lowering input costs across the economy, building platforms for economic development and growth and ensuring that the potential of priority sectors for growth is unlocked.

An update on the implementation of the New Partnership for Africa's Development (NEPAD) will be given. The meeting will also look at the outcomes of discussions and deliberations on NEPAD at the recent G8 summit.

Enquiries: Bheki Khumalo
Tel: (012) 300 5436
Cell (083) 256 9133

Issued by: The Presidency
17 June 2004