South Africa should focus on attracting foreign investment and extending trade relations, one of the nation’s main commercial lobby groups said after business confidence fell to a year low.

An index compiled by the South African Chamber of Commerce and Industry showed average business confidence declined to 106.9 in May from 107.1 a month earlier. The latest figure is the lowest level since May 2022, when global headwinds exacerbated by Russia’s war on Ukraine fueled inflation and capital outflows.