Investment commitments totalling R363 billion had been made at the second South Africa Investment Conference, president Cyril Ramaphosa announced on Wednesday…
“We have received indications of a further R8 billion in planned investments that are subject to either regulatory or company board approvals and therefore we have not named the companies here today,” said the president.
The conference was held at Johannesburg’s Sandton Convention Centre, with over 1000 registered guests in attendance.
Ramaphosa started his investment drive in 2018 with the inaugural conference, where over R300 billion was raised. The president is seeking to garner local and foreign investment amounting to R1.2 trillion over the next five years.
Ramaphosa said the latest pledges would conservatively lead to the creation of around 412 000 direct jobs over the next five years. This did not include the “hundreds of thousands” of indirect jobs expected to be created through linkages to the investments, he said.
“This commitment of investments amounting to R371 billion, if you add the R 8 billion that is still subject to regulatory and board approval processes, is 17% higher than the commitments that were made last year.
“This is an outstanding achievement and reflects the determination of those companies and associations that have made commitments to invest or further invest in our economy.”
The pledges were a vote of confidence in the South African economy and a response to what it could offer, said Ramaphosa.
“But more importantly, it is a sign of confidence in the future of our country and the belief that the South African economy is poised for growth going into the future.”