#InvestmentConference: It's an investment bonanza for South Africa!
Big business is putting its money where it is needed most - into investments that will create jobs and improve South African workers' skills‚ BusinessLIVE reported on Friday.
The business news website said President Cyril Ramaphosa is edging closer to his investment goal of $100bn over the next five years.
At an inaugural investment conference on Friday‚ various companies announced their investment into SA’s economy - with a whopping R134.1bn in new investments announced at the start of the conference.
Here are some of the big announcements:
- Anglo American’s executive head in SA Andile Xhamlo announced the biggest investment of R71.5bn over the next five years on sustaining and extending the lives of its mining operations in SA‚ which will preserve 72‚000 jobs and stimulate regional economies. “The mining sector is well poised to attract much-needed investment to support job creation and growth‚” he said.
- Vedanta Resources has made an overall investment of R21.4bn. Vedanta Zinc CEO Deshnee Naidoo said the minerals company had invested in two world-class zinc deposits of R5bn each‚ as well as a complex in the Northern Cape.
- Mercedes Benz has committed R10bn to expanda plant in East London in preparation for the next generation of C-class model‚ with a focus on local production and local suppliers.
- Viv McMenamin from Mondi will invest R8bn through ongoing export commitments. Steve Binnie from Sappi announced that the paper company will invest R7.7bn in the local economy to draw capacity for dissolving pulp.
- Ashish Thakkar who heads up telecommunications company Mara Corporation‚ which is headquartered in Rwanda‚ will invest R1.5bn in the first smartphone to be made on the continent‚ in SA.
- Willem Roos who heads up Rain‚ a new 4G LTE data network and competes with the heavyweights in data‚ will invest R1bn on 5‚000 base stations over the next five years to build a 5G network.