A strong appetite for new investment in the South African economy remains.
Addressing the South Africa Investment Conference in Johannesburg, president Ramaphosa added that over 50 companies will be making commitments at the 2020 Investment Conference.
The president confirmed that, since April 2018, local and international investors have made commitments to invest approximately R664 billion.
The president emphasized that the Conference aims to “consolidate the commitments that have been made to date, to ensure that they are realized”.
“We want to see this R664 billion translated into new factories, production lines, mining operations, retail outlets and infrastructure. We want to see it translated into new jobs, new skills and new opportunities”, he said.
The president indicated that R172 billion of the committed amount has been spent on projects to date.
Approximately R63.6 billion has flowed into the mining and mineral beneficiation sector, R31 billion into the information and communications technology sector and R23 billion into the automotive sector.
Other sectors that have been the recipients of actual investment flow include:
• property and hospitality at R8.2 billion;
• infrastructure at R7.7 billion;
• forestry, paper and pulp at R6.3 billion;
• fast-moving consumer goods at R6 billion; and
• financial services at R5.6 billion.
The president clarified that 19 investment projects have already been completed or launched, 44 projects are under construction and 12 are in the early stages of implementation.
The president highlighted that the Sugar Master Plan has been signed that “provides a framework for a competitive industry that is still Africa’s largest sugar producer”.
Masterplans in the digital economy, forestry, agriculture and agro-processing, creative industries, aerospace and defence, renewable energy, steel and metal fabrication and furniture are being finalised.