President Cyril Ramaphosa announces that the South Africa Investment Conference has surpassed its targets, attracting R306 billion in pledges and showcasing the country’s ability to attract significant investments.
Johannesburg, South Africa (26 May 2023) – President Cyril Ramaphosa recently announced that the pledges made at the annual South Africa Investment Conference (SAIC) have exceeded his target of R1.2 trillion in investments by an impressive R306 billion.
This surpasses the target by 26%, showcasing the success of the conference and the country’s ability to attract significant investments.
President Ramaphosa described this achievement as “stellar,” particularly considering the challenges faced by South Africa, including the ongoing COVID-19 pandemic. He acknowledged that no one could have predicted the global pandemic and its economic repercussions when the national investment mobilisation drive began five years ago. Despite these obstacles, the country has managed to meet its five-year target, a feat that should be celebrated.
President Ramaphosa emphasised the positive impact these investment commitments will have on the economy, job creation, and infrastructure development across various regions in South Africa. Over the past four years, infrastructure development programs have received a total of R263 billion in funding, further supporting the nation’s development goals.
The South Africa Investment Conference in numbers:
- 161 – Number of projects that are either finalised or under construction.
- 317 – Number of investment pledges made since the inception of SAIC.
- R1.2 trillion – President Ramaphosa committed the government to raise R1.2m worth of investments into the economy over a five-year period.
- R1.5 trillion – After five cycles of the SAIC, this is the value of investment pledges made thus far.
He highlighted the Msikaba Bridge as an example of the transformative power of infrastructure development. This bridge not only connects the Eastern Cape and KwaZulu-Natal provinces but also represents integrated development that meets the needs of local communities while leaving a legacy for future generations.
The President called for increased collaboration between the government and the private sector, citing the successful partnership during the pandemic and the investment drive. He urged everyone to recommit themselves to the common good of South Africa’s development, emphasising the nation’s resilience and ability to make progress in challenging circumstances.
The top ten investment pledges for 2023:
• Hive – R105 billion
• Vodacom – R60 billion
• Anglo-American – R29 billion
• Heineken – R15,5 billion
• Nkwe Platinum – R13 billion
• Ivanplats – R6 billion
• Telkom – R5,9 billion
• SAB – R5,8 billion
• Seriti Green – R4,5 billion
• Cassays Technologies – R4,5 billion
Looking ahead, President Ramaphosa announced the goal of mobilising R2 trillion over the next five years, marking a new phase of investment mobilisation. With confidence and ambition, South Africa aims to tackle future challenges, particularly in the energy and logistics sectors.
As the 5th South Africa Investment Conference came to a close, President Ramaphosa’s closing remarks set the stage for the hard work and collaboration required to achieve the new target.
The conference’s success serves as a testament to the nation’s capabilities and the determination to drive South Africa’s development forward.