President Cyril Ramaphosa. File picture: Jairus Mmutle/GCIS
President Cyril Ramaphosa. File picture: Jairus Mmutle/GCIS

Ramaphosa elated SA Investment Conference nets R109 billion in commitments

By ANA Reporter Time of article published Nov 18, 2020

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Pretoria – President Cyril Ramaphosa said the third annual South Africa Investment Conference, which concluded on Wednesday, put the country back on track to secure the ambitious R1.5 trillion target for five years.

“This year’s Investment Conference has, in the main, been about implementation. But it has also been about new investments, about companies that are looking beyond the pandemic to invest in a growing economy.

’’I am therefore immensely pleased to announce here today that we are firmly on track to meet our five year target of $100 billion in new investments,” Ramaphosa said in his concluding remarks.

“At the time we set this target in April 2018, this was equivalent to R1.2 trillion. In this, the third year of hosting the South Africa Investment Conference, 50 companies have made investment commitments to the value of R109.6 billion.”

The latest investment commitments bring the total value of pledges made over the in three years to R773.6 billion.

“This represents around 64 percent of our five-year target. This year’s conference stands out for a number of reasons. Firstly, it is taking place in an extremely subdued economic climate.

’’To secure investment commitments of over R100 billion is therefore a remarkable achievement,” said Ramaphosa.

“Secondly, we are seeing significant numbers of smaller, good quality investments in the manufacturing sector, which is a priority for our recovery.

’’A number of the new announcements are from companies that have made investments in previous years and are now expanding and upgrading.

Thirdly, Ramaphosa said several of the investment commitments made at the 20202 conference are in sectors that have been hard hit by Covid-19, especially the tourism and hospitality industries.

“These investments will go a long way towards their recovery. As in previous years, the breadth of investments showcases the diversity of the South African economy. This year’s announcements include both greenfield and expansion projects across the country,” he said.

The projects range from advanced manufacturing, the automotive sector, agro-processing, oil and gas, mining, tourism and hospitality, the green economy and telecommunications.

Ramaphosa said the major investment commitments bring hope and opportunity to those who need it most – the South African people.

“We have also seen how companies are ploughing back into the communities in which they operate. They are paving streets and improving sanitation. They are building schools, clinics and housing for their employees. They are establishing training centres to grow a new generation of skilled young people,” he said.

“Given the difficulties and turmoil surrounding us, this conference has been a great success. I want to thank all of you for your attendance, for your robust participation and for the investment commitments that you have made.

The president also extended gratitude to companies, including Telkom, Huawei, Anglo-American and Vodacom, whose “generous sponsorship” made the event successful.

African News Agency (ANA)

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