CHARLES MOLELE
PRESIDENT Cyril Ramaphosa is expected to deliver the opening address at the South Africa Investment Conference, which brings together delegates from various industries in South Africa and around the world.
South Africa will host its fifth South Africa Investment Conference on Thursday in Sandton, Johannesburg.
This conference, which is a flagship programme of the Ramaphosa Presidency, marks the final leg of the current investment drive aimed at attracting R1.2 trillion over the course of five years.
Presidential spokesperson Vincent Magwenya said over the last four years the investment conference has realised about R1, 14 trillion in investment commitments.
He said the fifth edition of the conference is expected to meet and exceed the investment target of R1, 2 trillion that was set by the president at the inception of the five-year investment cycle.
“In his opening address the President will reflect on the goal he set in April 2018 and the progress achieved thus far. President Ramaphosa will also brief investors on the steps that are being taken by government in addressing the visa, transport and logistics, crime and corruption and energy challenges,” said Magwenya.
He said of the 152 investment announcements made previously, 45 projects have already been completed, while a further 57 projects are currently under construction.
These investments have resulted in new factories, call centres, solar power plants, undersea fibre optic cables, expansion of production lines and the adoption of new technologies.
“Importantly, the new investments also significantly contribute to South Africa’ national goals of socio-economic development to create sustainable jobs, reduce poverty and drive back inequality. These investments have also contributed to a substantial increase in local production and encouraged efforts to buy local,” said Magwenya.
On Wednesday night, Ramaphosa is expected to attend a dinner with investors – reportedly from over 35 countries – who will be part of the fifth South African Investment Conference.
The dinner is an opportunity for investors to engage with the President over a wide range of issues and opportunities related to investing in South Africa.
Ramaphosa has made reviving the economy a top priority since assuming power in 2018, but has been hampered by fiscal constraints, slow economic growth, high unemployment, increasing crime levels, rampant corruption and rolling blackouts.
Mining production fell while manufacturing production stagnated, as load-shedding and transport bottlenecks intensified.
In addition, South Africa has also been greylisted by global financial crime watchdog the Financial Action Task Force (FATF) for not fully complying with international standards around the prevention of money laundering, terrorist financing and proliferation financing.
Ramaphosa, on the other hand, is at the centre of an international scandal involving the theft of $4m from his Phala Phala game farm in Limpopo.
The president is accused of kidnapping, bribery, money laundering and “concealing a crime” in relation to the alleged theft at his game farm.
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