Pledges raised at investment conference now R1.14 trillion – Ramaphosa

Four years ago, South Africa set a target of raising R1.2 trillion over five years, and has now reached 95% of that goal, President Cyril Ramaphosa has announced.

Addressing the South Africa Investment Conference on Thursday, Ramaphosa said 80 investment pledges at today’s conference come to a total of R332 billion, bringing the total level of investment pledged at the four Investment Conferences to R1.14 trillion. 

 “With just one year left to go, we have now reached 95% of the ambitious target we set four years ago,” said Ramaphosa.

“What this means is that we are now only R60 billion short of our target. “

Ramaphosa is expecting to exceed this target by next year.

The country had commitments from companies based in South Africa, and also companies from Belgium, Canada, China, Czech Republic, Finland, France, Germany, Ireland, Mauritius, Norway, Pakistan, Sweden, Turkey, United Arab Emirates, the United States and the United Kingdom.
 
“We have renewable energy projects and we have the plants that will build some of the components that these projects will use.  

ALSO READ: Science and innovation vital for economic recovery in SA – Ramaphosa

“From biogas to solar, from wind to battery storage, these investments are at the cutting edge of one of the most important growth industries in South Africa,” said Ramaphosa.

The investments will benefit mining sector by expanding the country’s production of platinum group metals and other minerals that are vital to the emerging technologies of the future. 
 
There were also several investments in metal fabrication and other manufacturing. 
 
“The investments in steel, vanadium, aluminium and other manufacturing plants all contribute to our ongoing effort to add value to the minerals that we mine and to create jobs that would otherwise have gone to more industrialised countries,” said Ramaphosa.

Other investments have been made towards vaccine production, film, design and other creative industries, automotive sector, infrastructure and logistics, in property and telecommunications and agriculture, to name a few.
 
“It is a success that we relish all the more because it is taking place in the midst of a global pandemic that has dampened the global investment climate for two years. This Investment Conference has provided a glimpse into the South African economy of the future – an economy that is rich and diverse and growing,” said Ramaphosa.