Business partners of billionaire business mogul George Soros have disclosed that the investor is ready to make in-roads into the South African economy and has already set aside a huge equity to kick-start the process.
South Africa president Cyril Ramaphosa will use his business experience to galvanise speedy growth for the depressed economy and further create jobs for the millions who are out of employment.
Ramaphosa had earlier met the Soros in a serious investment discussions in the United States.
President Cyril Ramaphosa meeting Mr George Soros and his son, Alexander Soros, during a bilateral meeting at the Intercontinental Hotel in New York. Mr Soros is a Hungarian-American investor, business magnate, philanthropist, political activist and author. #UNGA18 #UNGA pic.twitter.com/YGGhDrJLof
— South African Government (@GovernmentZA) September 27, 2018
Last month at the United Nations UN, the president’s visit went beyond the General Assembly to pull and attract willing and capable investors to the country.
Ramaphosa was reportedly on an urgent mission to stimulate rapid growth by attracting viable multi-national investors.
The move is to bridge the gap of unemployment as well as maximize the value chain that will be generated from it.
A very prominent investor renowned for his multi-billion dollar investment across the world is George Soros.
The Hungarian-American investor, business magnate, philanthropist, political activist and author, is one of the world’s most successful investors. As of February 2018, he had a net worth of $8 billion, after donating $18 billion to his philanthropic agency, Open Society Foundations.
Business experts are of the opinion that more investors are needed in the country to reduce the gap between the rich and the poor. It was noted that certain crime could be linked to poverty and hunger.
It is still early to state clearly what investment proposal the Soros will be bringing to the table.
Born in Budapest, Soros survived Nazi Germany-occupied Hungary and emigrated to England in 1947.
He attended the London School of Economics, graduating with a bachelor’s and eventually a master’s degree in philosophy. Soros began his business career by taking various jobs at merchant banks in England and then the United States, before starting his first hedge fund, Double Eagle, in 1969.
Profits from his first fund furnished the seed money to start Soros Fund Management, his second hedge fund, in 1970.
Double Eagle was renamed to Quantum Fund and was the principal firm Soros advised.
At its founding, Quantum Fund had $12 million in assets under management, and as of 2011 it had $25 billion, the majority of Soros’ overall net worth.