Ramaphosa unlocks investments worth R290bn for South Africa in 2018

President Cyril Ramaphosa lead South Africa to the Investment Conference which took place on the 25 to 27 Ocober 2018 in Sandton. Over the weekend it was announced that investors from various countries pledged their committment to invest into South Africa. President Ramaphosa unlocks investments worth R290bn for South Africa in 2018.

According to the official Government Website “The conference is a key milestone in the country’s bold ambition to raise at least 100 billion US dollars in new domestic and intentional investment over the next five years. Through the Conference, South Africa will market the compelling investment opportunities available in the country as part of government’s interventions geared at boosting economic growth and creating much-needed jobs.”

Investments totaling R40bn by the motor manufacturing industry have previously been announced between May 2016 and this year.

BMW, Nissan, Ford, VW, Toyota, Mercedes Benz and Isuzu will ramp up production for 149 export markets. The South African government will provide a new suite of investment incentives.

South Africa’s four so-called investment lions have combed the globe to get pledges and sell the story of a revitalised South Africa after a decade of low growth and high unemployment.

The four are former deputy finance minister Mcebisi Jonas, former finance minister Trevor Manuel, businesswoman Phumzile Langeni and former Standard Bank CEO and Liberty Holdings chairperson Jacko Maree.

Ramaphosa’s economics adviser Trudi Makhaya will now ensure that the pledges are turned to action and that the investment pipeline is kept on track.

Ramaphosa said he hoped the investment summit on Friday would unleash energy in South Africa to spur innovation: he noted that short messages (sms’s) and the please-call-me innovation had been created in South Africa.

“We have witnessed the beginning of a new narrative. The case studies presented here affirm that South Africa presents great opportunities across all the sectors of our economy,” said Ramaphosa.

A significant portion of the R290bn has been announced before, most of it in the course of 2018, but some announcements date back further.

The Austrian Business Chamber welcomes the announcement of the foreign investment by various European Companies. We encourage all our members to join hands with the private and public sector to generate jobs and boost the South African economy.

Picture Source: Brand South Africa
Sources: Fin24 Government South Africa

Share This