It is a pleasure to present the Proudly South African Annual Report for the past financial year. Over the twelve months we have experienced tumultuous change in the global economy with the rise of protectionism and serious threats to multi-lateral institutions that govern trade and investment. At the same time there is a new optimism in the South African economy ushered in by the political changes in our country. This new optimism must translate into new investment into our economy that will contribute to new job creation and address the triple challenges of poverty, inequality and unemployment in South Africa.