South Africa: President Ramaphosa’s Investment Drive Gets a R109-Billion Shot in the Arm

The sum total of investment pledges that the president has secured since the start of his SA Investment Conference in 2018 is R773.6-billion. This comprises new investments and those announced before by local and foreign companies.

President Cyril Ramaphosa’s drive to raise R1.2-trillion over five years got a boost on Wednesday 18 November, when his third SA Investment Conference attracted R109.6-billion in investment pledges from local and foreign companies.

This brings the investment pledges that Ramaphosa has secured since the start of the conference in 2018 to R773.6-billion – comprising new investments and those announced before by companies and pencilled in their capital expenditure plans since 2017.

Ramaphosa’s team of investment envoys, which is responsible for marketing SA Inc to cash-flush investors, doesn’t yet have the exact data on the split between new and existing investment pledges.

But Trade, Industry and Competition Minister Ebrahim Patel, who is part of Ramaphosa’s investment team, said most of the investment pledges involve the expansion of existing projects/investments by companies. In other words, it is not a new investment.

Regardless, Ramaphosa said the investment pledges will go far in rebuilding the economy in the wake of the devastating Covid-19 pandemic that has wiped out…

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