by SAVIOUS KWINIKA
JOHANNESBURG, (CAJ News) –SOUTH Africa has received investment commitments to the tune of R1,14 trillion (US$78,1 billion), which is 95 percent of the target set in 2018.
This follows the R332 billion in investment commitments made at the fourth South Africa Investment Conference last week.
These are part of government’s ambitious drive to raise R1,2 trillion in new investment over five years.
“The Investment Conference was significant for several reasons,” President Cyril Ramaphosa stated in his weekly report.
Firstly, he said, this was an impressive amount of investment commitments amid a pandemic that has dampened the global investment climate for more than two years.
In addition, firms that already have a footprint in South Africa are increasing their existing investment commitments, signifying a renewed vote of confidence in the economy even at this difficult time.
Thirdly, the range of projects represented at this year’s conference illustrated the diversity of the economy and that potential investors see far more opportunity across several sectors than previously.
“Finally, and perhaps most importantly, this year’s conference was marked by increased domestic investment, most notably from black industrialists,” Ramaphosa said.
He has been in the United Arab Emirates (UAE) in recent days, visiting the Dubai Expo 2020.
South Africa’s pavilion is showcasing aerospace, agriculture, defence, e-mobility, tourism and manufacturing.
“Several investors in these foreign markets often express surprise at just how diverse the South African economy is and the range of opportunities that exist,” Ramaphosa stated.
He expressed encouragement by the diversity and extent of the investment commitments made at the recent South Africa Investment Conference.
“These investments – like those made at past conferences – are good for employment, good for transformation and good for the country,” the president concluded.
– CAJ News