Investment conference no gimmick, says Ramaphosa
President Cyril Ramaphosa described as 'gratifying' to witness the commitments of the inaugural conference materialising in the form of new factories, production lines, services, products and jobs.
SANDTON - President Cyril Ramaphosa said that of the 31 projects which represented R238 billion in investment announced at last year’s investment conference, eight had been realised and completed.
He explained that 17 projects were in the construction and implementation phase.
Ramaphosa was on Wednesday addressing the second investment conference underway in Sandton, Johannesburg where hundreds of local and international business people were in attendance.
He described as "gratifying" to witness the commitments of the inaugural conference materialising in the form of new factories, production lines, services, products and jobs.
"And we do this not as a gimmick, we do this after close and deep collaboration with the various companies. Last year, as I said, we sought to raise R300 billion and we did and almost R240 billion of that is now committed and is now working. The other portion is going through the regulatory hoops."
The target for this year’s gathering has been set at R1.3 trillion in new domestic and international investment for the next four years.
Trade and Industry Minister Ebrahim Patel said gains had already been made through investment pledges made by local and international businesses at last year’s investment conference.
He was also speaking at the second investment conference that officially commenced in Sandton.
Over R300 billion in investment commitments were made last year with major companies such as Aspen promising to invest R3.3 billion in manufacturing while mining giant Anglo-American committed R14.4 billion.
Patel explained that many companies had already gotten various projects off the ground.
“There are many many others like yesterday’s sod-turning at the Tshwane auto hub or the opening of the In2Foods facility at the OR Tambo SEZ or the opening of the Procter & Gamble factory last Friday. Today is also about the future.”