JOHANNESBURG – President Cyril Ramaphosa begins preparations for his investment summit later this month on a high after securing backing from some of the country's biggest conglomerates to assist his jobs creation drive.
Ramaphosa also managed to secure commitments from organised businesses that all alternatives needed to be explored before retrenchments were effected.
Businesses also agreed to sacrifice executive salary hikes and forgo dividends.
The financial sector said it would invest R100 billion over five years in black-owned industrial enterprises as part of its transformation commitments.
Absa chief executive Maria Ramos said on the sidelines of the summit that it was a joint effort to turn the tide for the economy.