Skilled immigrant workers are crucial for South Africa’s growth
Posted on May 2, 2019
Attracting skilled immigrant workers is crucial to the growth of South Africa according to Tito Mboweni. He is the Finance Minister of South Africa and expressed this view in his budget speech.
The importance of attracting increased FDI – foreign direct investment was also stressed by the President of South Africa. This was in his State of the Nation address, as quoted by the Mining Review.
The Finance Minister said that overseas investors must be aware that they can access the right skills in South Africa. They can also bring over some of their crucial staff here to supervise their investment, he added.
Skilled individuals are the propellants of modern economies said Mboweni. We must remain at the forefront of competition for attracting scarce skills, he added.
It has been revealed by research that the popular perception that migrants steal employment is inaccurate. The presence of skilled immigrant workers has no major impact on the employment of local workers at the national level.
Immigrants have a positive impact on the GDP – gross domestic product at the national level. It is projected that they can increase income per capita of South Africa by up to 5%.
Migrants also tend to pay more taxes, especially the value-added and income taxes. The net fiscal contribution of the immigrants in 2011 ranged between 17% and 27%. This is based on the scenario utilized for making the calculation. However, the contribution of native-born individuals was 8% in both scenarios.
It is also crucial to have an overall business culture and a Visa regime in South Africa that is welcoming. This is for positioning the nation as a gateway to Africa.
The ability of South Africa to attract and compete for globally critical skills and the projects that they enable are crucial for realizing its growth aspirations. It is also important for increasing economic stability and job opportunities.
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