Gauteng Investment Conference receives pledges worth R312 billion

The inaugural Gauteng Investment Conference has secured pledges with an investment value of R312.5 billion, which surpassed the R12.5 billion target the Gauteng Provincial Government had set.

The conference aims to attract R800 billion in investment over the next three to five years, bolstering the country’s economy.

Gauteng MEC of Finance and Economic Development, Lebogang Maile, speaking at the conference on Thursday held at Melrose Arch, said they received pledges amounting to R30 billion from the United Kingdom, R650 million from Switzerland, R4.9 million from India, and R5 billion from Pakistan.

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How will the billions be delivered?

Maile added that 60 projects across 15 sectors and sub-sectors have received the investment pledges.

“A total of seven projects in the agro-processing sector have received investments amounting to R22.7 billion, while 12 projects in the manufacturing sector have received a total of R15.3 billion.

“A total of R2.9 billion has been pledged towards three mining sector projects, while five projects in the transport and logistics sector have received R39.7 billion in pledges.”  

How many jobs will be created?

Maile said all the pledges made to projects are expected to generate more than 114 000 jobs.

“R144 million has been pledged to a key water and sanitation sector project that will significantly alleviate the water security challenges faced by Gauteng, while R550 million has been directed towards a project in the agricultural sector to aid with food sovereignty.”

G20 to be hosted in SA

Minister of Trade and Industry Parks Tau, during his address at the conference, noted how the G20 being hosted in South Africa will bring significant economic growth, with the tourism sector expected to benefit most.

“The G20 presidency is an invaluable opportunity for South Africa to advance efforts towards greater global economic growth and sustainable development.

“An understated fact is that the G20 presidency provides an opportunity to showcase the multiple capabilities of our country and will play a big role in complementing our drive for diversified trade and investment partnerships.”

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Lowering the cost of doing business

He added that the government of national unity will soon announce what steps it will take to lower the cost of doing business, making things and providing services from SA.

“It goes without saying this is a shared endeavour between the public and private sectors as we tackle key enablers such as the cost and availability of industrial electricity, freight and logistics systems and digital infrastructure and the readiness and capabilities of our workforce.”

Tau said they will follow the data to the sectors where they can concentrate efforts and unlock value.

This includes mining as a sunrise sector with increased exploration and mining activities and the beneficiation of critical minerals and rare earth metals here at source through building regional value chains with other countries on the continent.

‘Make Gauteng great again’

Deputy President Paul Mashatile delivered the keynote address, calling on Gauteng Premier Panyaza Lesufi and his team to make Gauteng great again.

He said this can be done by investing in the province’s infrastructure, curbing crime, and ensuring that the province across its metros and towns is clean. He believes it will be easier to attract investors if this is done.

Mashatile highlighted that Gauteng contributes 35% to the country’s GDP, therefore, to achieve the 3% economic growth set by President Cyril Ramaphosa, investors need to invest in the province.

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