President Cyril Ramaphosa. IMAGE: GCIS

PRESIDENT Cyril Ramaphosa says since April 2018, when the government announced its ambitious target to attract R1.2 trillion of investment over five years, local and international investors have made commitments to invest more than R660 billion. 

Ramaphosa was addressing the third South Africa Investment Conference in Sandton, Johannesburg, on Wednesday.

“We want to see this R664 billion translated into new factories, production lines, mining operations, retail outlets and infrastructure,” said Ramaphosa.

“We want to see it translated into new jobs, new skills and new opportunities. We have been closely tracking the implementation of the 102 projects announced at the last two conferences.” 

He said to date R172 billion of the committed amount has been spent on various projects, adding that this was just over a quarter of the commitments made in 2018 and 2019. 

Other sectors that have seen substantial actual investment flow so far include: 

–    property and hospitality at R8.2 billion, 
–    infrastructure at R7.7 billion, 
–    forestry, paper and pulp at R6.3 billion, 
–    fast-moving consumer goods at R6 billion, and, 
–    financial services at R5.6 billion. 

Nineteen investment projects from the last two years have already been completed or launched, he added 

“A further 44 projects – representing 57 per cent of the total investment commitment – are under construction, with another 12 projects in the early stages of implementation,” he said. 

“Unfortunately, 21 projects – representing around 10 per cent total commitments – have been delayed or are on hold as a result of the coronavirus pandemic. This means that despite the severe disruption of the last few months, the vast majority of projects are making steady progress.”

(SOURCE: INSIDE POLITICS)

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