Ramaphosa, who initiated the annual event in 2018, said he expected to exceed the target in 2023. Initially he had targeted to secure the total investment over five years.
“The investment commitments that have been made here today are impressive,” he said, adding that SA has renewable energy projects and plants that will build some of the components that these projects will use.
“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 SA. There are investments that are breathing new life into mining, one of the country’s oldest industries and still one of its most important,” said Ramaphosa.
Through these investments, Ramaphosa said, SA will be expanding its production of platinum group metals and other minerals that are vital to the emerging technologies of the future.
“It is pleasing that there are several investments in metal fabrication and others in 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.”
He said: “We have heard about investments that are giving effect to our ambition to produce our own vaccines and other pharmaceuticals, both for our country and our continent.”
Ramaphosa said he was excited about investment in the film, design and other creative industries as well as areas where there is huge untapped potential and more than enough talent.
“Today, we have had confirmation of the export potential of the country’s automotive sector and of its continued contribution to developing emerging businesses through its value chain,” said Ramaphosa.
He welcomed investments in infrastructure and logistics, property and telecommunications which will help expand the capacity of SA's economy and improve its competitiveness. Investors had also committed to investing in agriculture and the digital economy, said Ramaphosa.
Investors pledge R332bn at Sandton investment conference
Image: GCIS.
President Cyril Ramaphosa on Thursday announced that global investors had pledged R332bn to help SA with its economic reconstruction and recovery plan.
“Four years ago, we set ourselves an ambitious target of raising R1.2-trillion over five years. The 80 investment pledges at today’s conference total R332bn,” said Ramaphosa.
Speaking at the closing of the fourth South African Investment Conference in Sandton, Ramaphosa said commitments came from companies based in Belgium, Canada, China, the Czech Republic, Finland, France, Germany, Ireland and Mauritius, among others.
“With the pledges we have received today and with cancellations and additions we have heard about from investors in previous conferences, we have now taken the total level of investment pledged at the four investment conferences to R1.14-trillion.”
He told more than 1,000 delegates that “with just one year left, we have reached 95% of the ambitious target we set four years ago. We are now only R60bn short of our target.”
President Cyril Ramaphosa woos business leaders to invest in SA
Ramaphosa, who initiated the annual event in 2018, said he expected to exceed the target in 2023. Initially he had targeted to secure the total investment over five years.
“The investment commitments that have been made here today are impressive,” he said, adding that SA has renewable energy projects and plants that will build some of the components that these projects will use.
“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 SA. There are investments that are breathing new life into mining, one of the country’s oldest industries and still one of its most important,” said Ramaphosa.
Through these investments, Ramaphosa said, SA will be expanding its production of platinum group metals and other minerals that are vital to the emerging technologies of the future.
“It is pleasing that there are several investments in metal fabrication and others in 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.”
He said: “We have heard about investments that are giving effect to our ambition to produce our own vaccines and other pharmaceuticals, both for our country and our continent.”
Ramaphosa said he was excited about investment in the film, design and other creative industries as well as areas where there is huge untapped potential and more than enough talent.
“Today, we have had confirmation of the export potential of the country’s automotive sector and of its continued contribution to developing emerging businesses through its value chain,” said Ramaphosa.
He welcomed investments in infrastructure and logistics, property and telecommunications which will help expand the capacity of SA's economy and improve its competitiveness. Investors had also committed to investing in agriculture and the digital economy, said Ramaphosa.
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