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SA Investment Conference: Good news for SA economy from Ramaphosa

President Ramaphosa was opening the third gathering of this nature - where companies make investment pledges with the hopes of breaking ground on projects in years to come.

Photo by Pixabay from Pexels.

JOHANNEBURG - President Cyril Ramaphosa on Wednesday said over fifty companies would be announcing their plans to invest in the South African economy at the SA Investment Conference.

Ramaphosa was opening the third gathering of this nature, where companies make investment pledges with the hopes of breaking ground on projects in years to come.

The Investment Conference's goal is to attract over R1 trillion in investments in the next five years to help revive and rebuild the struggling economy.

He also announced that so far, mining and mineral beneficiation has seen the greatest flow of investment from the commitments made - at over R63 billion.

“Nineteen investment projects from the last two years have already been completed or launched. A further 44 projects, representing 57% of the total investment commitment, are under construction as we speak, with another 12 projects in the early stages of implementation.”

The total amount of commitments that were made in the past two years surpass R600 billion.

At the same time, as community, business, government and labour leaders continue discussions about the reconstruction and recovery plan for the economy, Ramaphosa told delegates this could not be achieved without a capable state.

The plan, which leverages the country’s low hanging fruit or catalyst industries to revive the dwindling economy, was released recently – with government hailing it a game changer.

The conference, attended by over 700 people locally and internationally is meant to attract investors to the country, with Ramaphosa saying government was addressing long standing reform concerns.

The president said government was closely monitoring the implementation of over 100 projects which were announced at the last investment conference - mounting to R172 billion.

However, as the investment drive continues with the realisation of more commitments in mind, labour and community representatives pressed on government and business to ensure that job-intensive programmes are prioritised.

Meanwhile, the community representative at the conference called on the prioritisation of people alongside the building of investor conference.

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