Over R300bn pledged to SA economy at investment conference
President Cyril Ramaphosa says the country has reached 95% of its ambitious investment target.
On Thursday, South Africa hosted dozens of international delegates at the latest South African Investment Conference.
The annual event was initiated by Ramaphosa in 2018 in an effort to secure domestic and inbound investment of R1.2-trillion over five years.
In the latest instalment of the conference, some 80 investors pledged R332 billion towards the country's economy.
"With the pledges we have received today - and with cancellations and additions we have heard about from investors in previous conferences - we have now taken the total level of investment pledged at the four Investment Conferences to R1.14 trillion," Ramaphosa told delegates as he closed off the one-day conference in Sandton.
"What this means is that we are now only R60 billion short of our target."
Ramaphosa added he expected the country will surpass its target at the next conference in 2023.
"The investment commitments that have been made here today are impressive.
They are impressive not only by virtue of the cumulative value of the investments, but also by the sheer number and diversity of projects that they represent."
Commitments made to the country include promises from companies based in South Africa, as well as Belgium, Canada, China, Czech Republic, Finland, France, the UK, US and Turkey.
"There are investments that are breathing new life into mining, one of the country's oldest industries and still one of its most important.
Through these investments, we will be expanding our production of platinum group metals and other minerals that are vital to the emerging technologies of the future.
"We welcome the investments in infrastructure and logistics, in property and telecommunications, which will help expand the capacity of our economy and improve its competitiveness.
We have seen investment commitments in agriculture, our oldest industry, and in the digital economy, our newest," Ramaphosa added.
ALSO READ:
