How will ordinary South Africans benefit from the Gauteng Investment Conference?

Gauteng is ready to redefine itself as the leading global investment and tourism hub.

With an ambitious target of attracting R800 billion in investment over the next three years, the province is attempting to bolster its economy.

Gauteng MEC of Finance and Economic Development, Lebogang Maile said there are plans to restore Gauteng to its former glory through the Gauteng Investment Conference.

Economic growth and tourism

The investment conference will take place on 3 April 2024.

“The Gauteng Investment Conference is a strategic initiative aimed at attracting R300 billion in investment commitments at the event itself.”

The conference aims to position Gauteng as a tourism destination through its cultural heritage, strategic location, and advanced infrastructure.

Speaking at the media briefing of the launch on Thursday at the Johannesburg Stock Exchange in Sandton, Maile said the province’s first focus will be repairing its infrastructure and ensuring the people’s basic needs are met.

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3% economic growth

When asked how much he expects the economy to grow, he said President Cyril Ramaphosa spoke about 3% economic growth, and that is the target they will be working on.

This, despite experts saying there is no way South Africa will achieve the 3% target.

The World Bank’s latest economic update said it expects South Africa’s gross domestic product (GDP) to increase by 1.8% in 2025 and gradually increase to 2% by 2027.

However, the World Bank warned that a 2% GDP growth rate is insufficient to reduce poverty and unemployment significantly.

Objectives of the conference

He added that one of the key objectives of the conference was to secure R300 billion in investment commitments.

“This foundational step towards the R800 billion target is essential for fostering economic transformation and sustainable development in Gauteng.

“By attracting global investments, Gauteng is advancing its economy and tourism infrastructure, making it more appealing to international visitors.”

Another objective is showcasing high-growth sectors.

“Gauteng is a leader in advanced manufacturing, the digital economy, and re-industrialisation.”  

The conference aims to attract investments that complement tourism growth by promoting these high-potential investment sectors.

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How are South Africans going to benefit?

Maile said job creation will occur through the conference, as the sustainability of the province’s economic development depends on job creation.

“The seventh objective of the investment conference is to support economic transformation and job creation.

“The focus is on projects that not only transform Gauteng’s economy but also uplift communities, foster skills development, and enable sustainable jobs.”

Projects that have provided jobs

He said one of the most significant projects is the OR Tambo International Airport Precinct 2, set to enhance Gauteng’s status as a premier tourism gateway.

Precinct 1, completed in 2024, features agro-processing, jewellery, and diamond beneficiation hubs.

“The Jewellery Manufacturing Park was established to boost beneficiary. It houses the second-largest food processing factory in the country and contributed significantly to creating jobs.”

“The precinct created over 2 500 operational and more than 2 000 construction jobs.”

Inclusive economic growth

Maile added that sustainable tourism is at the heart of Gauteng’s economic transformation agenda.

“The Gauteng Investment Conference prioritises inclusive industrialisation that benefits small businesses and historically disadvantaged groups, including women, youth, and persons with disabilities.”

He said by empowering local communities, Gauteng is nurturing a vibrant tourism economy that offers authentic cultural experiences while fostering skills development and sustainable jobs.

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