Ramaphosa says billions in investments pouring into SA

President Cyril Ramaphosa says companies have already made $20 billion commitments just a few months after the investment drive started.

FILE: President Cyril Ramaphosa addressing the 25th annual Investing in Africa Mining Indaba at the Cape Town International Convention Centre. Picture: GCIS.

CAPE TOWN - President Cyril Ramaphosa says investors are already pouring billions of dollars into the SA economy just a few months after launching his investment drive.

Ramaphosa was giving the keynote address at 2019’s Invest in Africa Mining Indaba at Cape Town International Convention Centre on Tuesday.

The president says South Africa is well on its way to reaching the $100 billion in foreign investment target he set in 2018.

He says companies have already made $20 billion commitments just a few months after the investment drive started.

“We wanted to raise $100 billion in five years. In a few months, seven months at that, we were able to mobilise full commitments that are backed up by projects of $20 billion.”

Ramaphosa says three of the companies who have made major investments are from the mining sector.

He has also reassured delegates that mining in South Africa is not a “sunset” industry and has a bright future with some of the world's largest platinum deposits.

His address comes just days before his second State of The Nation Address, set for Thursday night in Parliament.

One of the key promises he made in 2018 revolved around driving investment and kick-starting the flagging South African economy.

WATCH LIVE: Ramaphosa addresses Mining Indaba

(Edited by Zamangwane Shange)