Hon Jacob Zuma. We are currently ranked at number 67.
While the President believes corruption is a "Western concept", that does not detract from its far-reaching effects. It is widely accepted that South Africa loses at least R30 billion a year to corruption. Add to this the uncertainty about land reform and property rights following last month's state of the nation address, and then investor confidence hits rock bottom. As a result, investors begin to look elsewhere, and this is further aggravated by the likelihood of the United States of America increasing interest rates, which will result in emerging markets becoming even less attractive for investors.
An additional risk is one of further credit rating downgrades. Economists expect South Africa's sovereign credit rating to be downgraded to junk status if the country does not address its economic weaknesses.
More money must be spent on infrastructure to reach the NDP's target of 10% of the national budget. Moreover, spending aimed at supporting and growing small businesses should be intensified, as small businesses are the chief creators of jobs. I thank you. [Applause.]