Riyaz Patel
The 2nd South African Investment Conference has attracted R363-billion worth of investment pledges by domestic and foreign firms Wednesday, eclipsing the 2018 figure by some 17%.
President Cyril Ramaphosa said the final figure could be further boosted by investments of R8-billion, which had been confirmed with government, but had not been announced as they were still awaiting board and/or regulatory approval.
He described the commitments as a “vote of confidence” in South Africa and said he expects the investments would lead to the creation of 412 000 direct jobs over the coming five years.
South Africa announced last year that it was aiming to attract direct investments of $100-billion over the five-year period to 2023, which, using 2018 exchange rates, would translate to investments worth R1.2-trillion.
Pledges were made from companies in a diverse range of industries, from mining and energy, to manufacturing, information and communications technology to pharmaceuticals.
Speaking at the close of the daylong gathering in Sandton, which attracted more than 1 500 delegated from over 20 countries, Ramaphosa said he was “immensely encouraged” but the announcements, particularly in light of the weakening global economic environment.
He was equally excited by the diverse nature of the projects, which he said reflected the diversity of the economic and business opportunities that the South African marketplace represented.
The President, in his opening address, passionately argued that South Africa was making “gradual and incremental gains” in rebuilding its economic credibility, and creating an attractive, stable and safe investment climate.
