Margate – A high level delegation meeting of international investors have discussed the transition of power during the 2009 elections and its impact on the economy, among other issues.

 The International Investment Council which meets twice a year, held its first three-day meeting on Friday with President Thabo Mbeki, Deputy President Phumzile Mlambo-Ngcuka and other cabinet members in Margate, south of KwaZulu-Natal.

 Speaking to BuaNews during the summit, Department of Trade and Industries (dti)Minister Mandisi Mphahlwa said the transition and the transfer of power into the new government was on the agenda.

 “With the current government’s administration drawing to close, international investors are being briefed about the transition to the coming elections,” Minister Mphahlwa told BuaNews.

 This is because investors want to know about the transition and transfer of power and how it might effect the economy, he said.

 Another issue that the council discussed, Mr Mphahlwa said was ways to deal with the current global economy.

 The world’s economies have been turbulence, with food and oil prices reaching record highs.

 South Africa’s economy on the other hand is doing the same with the added problem of its electricity shortage.

 In this light the minister told BuaNews that a special focus on the agenda will be to brief investors on the problem and what measures the country is taking to address the crisis while continuing to growing the economy.

 On Friday, government ministers and officials, labour stakeholders, community members, businesses and organisations attended the National Stakeholder Summit on Electricity with the aim to find solutions to the energy crisis.

 It was agreed (at the summit) that the tariff increases would not be introduced in one massive hike, but would be phased in over five years to reduce its negative impact.

 In the past, the council advised South Africa on the issues that it needs to address in order to achieve its economic goals, which includes the 6 percent economic growth that government has targeted.

 On its last meeting the council was content with the country’s economy and government’s investment in developing infrastructure, fighting crime and other social problems. - BuaNews