Many more companies are expected to make investment commitments as part of President Cyril Ramaphosa’s ambitious drive to raise R1.2-trillion to reform the ailing economy.
On Thursday morning, Ramaphosa noted that a total of R774-billion in investment pledges had been made by the time of the 3rd South Africa Investment Conference in 2020, despite the impact of Covid-19.
“We are two-thirds of the way to reaching our target. Of the R774-billion committed, around R316-billion has so far been invested. Of the 152 investment pledges, 45 projects have been completed,” Ramaphosa said in his opening address during the 4th South Africa Investment Conference at the Sandton Convention Centre in Johannesburg.
The president added that 57 projects arising from the R774-billion commitments were under construction, 15 have been put on hold in several cases due to the impact of the pandemic.
The investments realised since the first conference have created job opportunities, increased localisation and expanded local value chains, he said, adding that the pledges have brought skills, technology and know-how into South Africa’s economy.
“Today, at this 4th South Africa Investment Conference, many companies will come forward to make new investment commitments. They will do so because they see opportunity in this country. They see beyond the difficulties and challenges. They see reform and progress.
“They see an open society that has enabled us to weather many storms. They see a strong and vibrant democracy, a diverse media and an active civil society. They see durable institutions, an independent judiciary and the rule of law,” he said.
The president took the delegates through the reforms that the country has implemented to boost economic growth, including the sale of spectrum, the migration from analogue to digital broadcasting, and diversification of energy supply to fight loadshedding, among others.
He further said more companies would invest in the country because after a decade of state capture, they see a country that is confronting corruption and criminality, and one that is rebuilding its law-enforcement agencies and strengthening the capacity of the state.
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