President Cyril Ramaphosa has hailed the success of the inaugural South Africa Investment Conference – which has generated announcements of investment of R290 billion – as the beginning of a new narrative on investment in South Africa.
In his closing statement to the conference in Sandton, Johannesburg, President Ramaphosa said the breadth of case studies presented on the performance of current investments and the range of announcements relating to new and expanded investments affirmed that South Africa was a diversified economy that presented great opportunities.
The conference heard investment announcements from companies in mining, forestry, manufacturing, telecommunications, transport, energy, agro-processing, consumer goods, pharmaceuticals, infrastructure, financial services, energy, ICT and water.
Prominent among these were the themes of value addition, beneficiation, innovation and entrepreneurship.
President Ramaphosa has also expressed his satisfaction that most of the investments announced during the conference have originated from South African enterprises and entities or multinationals based in the country. This reflected renewed investor confidence in and commitment to South Africa after a period of uncertainty and a slowdown in investment.
The Inter-Ministerial Committee which hosted the South Africa Investment Conference also commended the conference for setting South Africa on a path of economic renewal and inclusive growth.
The conference was an opportunity for both domestic and international investors to identify opportunities in the country.
The South Africa Investment Conference was convened under the theme: “Accelerating Economic Growth by Building Partnerships”, and was attended by leaders in government and business, members of the diplomatic corps, fund managers and entrepreneurs.
The IMC has expressed government’s deep appreciation for the spirit and focus with which investors responded to government’s invitation to the private sector to help the country achieve investment of $100 billion over the next five years.
“We are humbled and inspired by the significant investment pledges that have been made by South African and international investors who consider themselves as partners in our economic renewal and in the development of our society. Government will work with all sectors of society to ensure that we repay the confidence expressed in our economy by supporting these investments with our talents, energy and productivity. We are poised for exciting new possibilities in our economy that will unlock opportunities for citizens, communities and businesses, and which will raise the living standards of large numbers of South Africans who have historically been marginalised from meaningful economic participation”.
The announced total of R290 billion in new investments complements the more than US$ 28 billion in investment pledges that have resulted from engagements between the President and the President’s Investment Envoys in recent months.
The South African Investment Conference is part of government’s broad and targeted strategy of stimulating economic growth and creating jobs. The three catalysts driving the broader strategy in the immediate term are the Economic Stimulus and Recovery Plan, the Jobs Summit and the Investment Conference.
President Ramaphosa will tomorrow, Saturday 27 October 2018, lead conference delegates on a walk in Soweto to showcase the diversity and vibrancy of township economies and enable interaction between investors and the communities who will support and benefit from the anticipated investments.
By The Presidency