SA secures R363bn worth of new investments
7 Nov 2019 - by
At the close of day two of the second South African Investment Conference in Sandton, President Cyril Ramaphosa had secured new investments to the tune of R363bn – a 17% increase on 2018’s investments.
Considering that unemployment is at 29.1%, Ramaphosa said he was encouraged by the investments.
"For us to have achieved this success at a time when our economy is struggling is a real achievement.
“We are immensely encouraged by the investment commitments made. We believe that those investments will boost the economic growth of the country and will create many new jobs,” he added.
The newly announced investments are set to create over 400 000 direct jobs over the next five years.
According to Exxaro CEO Mxolisi Donald Mbuyisa Mgojo, their R20bn investment is set to create 10 000 direct and indirect jobs.
“We have also spent about R500 million in community infrastructure with the local government,” said Mgojo.
Telecommunication giants, MTN, were the biggest spenders, investing R50bn to develop digital infrastructure and connectivity throughout South Africa.
The New Development Bank, Exxarro and Sappi followed suit, with investments of R23bn, R20bn and R14bn, respectively. – Bjorn Vorster