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Ramaphosa hails R363bn investment commitments as vote of confidence in SA

Rating agencies may be in disagreement but President Ramaphosa was convinced that the investment pledges made at the second investment conference meant business had confidence that the economy was poised for growth in the future.

President Cyril Ramaphosa addresses the second South Africa Investment Conference in Sandton, Johannesburg on 6 November 2019. Picture: @PresidencyZA/Twitter

JOHANNESBURG - President Cyril Ramaphosa said the R363 billion in investment commitments made at this year’s conference was a clear vote of confidence in the South African economy.

The second investment conference comes to an end on Thursday, with government saying it had managed to raise the billions which would create 412,000 jobs over the next five years.

Rating agencies may be in disagreement but Ramaphosa was convinced that the investment pledges made at the second investment conference meant business had confidence that the economy was poised for growth in the future.

Treasury expects economic growth to grow at half a percentage point this year.

The president told delegates at the conference that the investment commitments amounted to R371 billion if R8 billion rand which is subject to regulatory and board approval processes was added.

A beaming Ramaphosa also had a word for naysayers.

"And for those who doubted right at the onset, and many people were very critical, dismissing this whole effort you're all involved in and said this is just a talk show and I'd like to say to them: this is no talk show, this is serious business."

The investment pledges which would in some cases only materialise in 2021 and 2022 represent a 17% increase from the last conference.

Government’s aim is to raise R1.2 trillion in the next four years.