President Cyril Ramaphosa says he is pleased with the confidence shown by investors in the country’s reforms in energy, transport, telecommunications and immigration.
He made the remarks in his Monday weekly newsletter after SA’s fourth Investment Conference which aimed to raise R1.2-trillion in new investment over five years.
A total of R332bn was raised at the conference last week, bringing the total value to R1.14-trillion. With one year to go, SA has reached 95% of the target, Ramaphosa said.
“This was an impressive amount of investment commitments in the midst of a pandemic that has dampened the global investment climate for more than two years. Such is the appetite of global investors for our economy that this year saw pledges from traditional trading partners in the EU, US, China and the UK, but also from Canada, Mauritius, Norway, Turkey and Pakistan.”
The country also received funding pledges from the United Arab Emirates, where a South African delegation led by Ramaphosa is making a case for investors from the Gulf countries and beyond to invest in the country.
During the Investment Conference, SA secured investment pledges in sectors including mining, agriculture and automotive, but also in renewable energy production, pharmaceuticals, clothing and textiles, infrastructure and logistics, telecoms and the digital economy, he said.
The creative industries have also been given a major boost with multimillion-rand investments in film and television production by the world’s largest media companies such as Warner Media and Netflix.
“This year’s conference was marked by increased domestic investment, most notably from black industrialists. Thanks to a concerted campaign by government, we are continuing to increase the participation of black industrialists in the nation’s economy.
“With more than R32bn invested in 800 black industrialists and entrepreneurs through funding initiatives, close to 120,000 jobs are either saved or created.
“In what often appears to be a sea of bad news, we are encouraged by the diversity and extent of the investment commitments made at the fourth SA Investment Conference.
“These investments, like those made at past conferences, are good for employment, good for transformation and good for the country.”
Ramaphosa said the investments made by black industrialists — in sectors including steel production, automotive, component manufacturing, consumer goods, bulk fuel storage and ship-building — turned into projects which created jobs and improved livelihood in cities, metros, small towns and rural areas.
“This will spur the growth of local economies, leading to more opportunities and the improvement of people’s quality of life. As one of the CEOs at last week’s conference said, the truest measure of the success of these investments lies in the extent to which they give opportunity to every South African to realise their potential.”
Ramaphosa was pleased with the support shown by investors and delegates at the conference since 2018.
“Delegates at the fourth SA Investment Conference said the country’s reforms around energy, transport, telecommunications and immigration, and the progress of sectoral master plans, have improved investor confidence, as has government’s effort to increase private sector participation in our infrastructure build programme.
“Several investors in these foreign markets often express surprise at how diverse the SA economy is and the range of opportunities that exist.”
President Cyril Ramaphosa said R332bn was pledged at the fourth SA investment conference last week, bringing the total value of the conferences over four years to R1.14-trillion.