South Africa could achieve six percent economic growth before the government's target date if its policies were rapidly implemented, the International Investment Council (IIC) said on Sunday.

Council members suggested that remaining barriers to growth, such as skills shortages, regulations and infrastructure, should be dealt with more quickly.

The advisory body, established by South African President Thabo Mbeki in 2000 to draw on the insight of international business leaders on how to meet South Africa's growth and development challenges, is meeting in the country, the SAPA news agency said on Sunday.

"Countries such as South Africa and Brazil are perfectly situated to take advantage of the opportunities generated in the world economy as a result of the growth in China and India," said Trade and Industry Minister Mandisi Mpahlwa during the meeting at the Pilanesberg National Park, North West province.

Mpahlwa said the council agreed that regulations required for business needed to be simplified as much as possible.

The biggest challenge facing the country's economy was the shortage of skills, while corruption was "no concern at all," said Mpahlwa.

Crime was a concern to businesses only in terms of the cost of security systems and guards.

Council member Percy Barnevik, who is chairman of the board of Astra Zeneca, said that while the second (informal) economy was often seen as a "drag on growth," increasing micro-credit and training one million women in small enterprises over a period of five years could increase growth between one and 1.5 percent.

Niall Fitzgerald, chairman of Reuters, said South Africa had an enviable record of macroeconomic success.

"From a macroeconomic standpoint, South Africa can easily accept more risk in the way it pursues development," he was quoted as saying by SAPA.

The country needed to move beyond planning for growth and get on with doing, he said.

A "radically higher" priority needed to be given to the development of human capital, combined with a determined drive to simplify regulations, Fitzgerald said.

The three-day council was attended by the chief executives of several international companies and South African government ministers.

Source: Xinhua