More investment to South Africa as wallets open-up at the Investment Conference 2019
On the photo: South African President Cyril Ramaphosa, delivering the h=keynote address at the investment conference.
South Africa has hosted the second annual Investment Conference at the Sandton Convention Centre in bid to attract investors to the country and accelerate inclusive economic growth and translates to job creation, which will result in the much-reduced unemployment.
Minister of Trade and Industry, Ebrahim Patel welcomed all the delegates to the conference, acknowledging the International guests from the world who have come to grace, attend and deliberate on the matters of the investment for South Africa.
The investment made to the Mara Phone is a proof of the great investment drive that year 2018 made it possible. The Mara phone is South Africa’s first cellular company to produce and assembly its first mobile cellular phone in the country. This has seen the huge number of jobs being created, from the youth and women who were looking for jobs in the markets.
On his opening address, President Cyril Ramaphosa thanked the investor community of opening up their wallets and trusting South Africa as the investment destination of choice.
On the photo: Delegates at the SA Investment Conference as President Cyril Ramaphosa delivers the keynote address.
“Last year we announced an objective to raise $100 billion or better still translated into our currency at the time R1,2 trillion in new investments over 5 years, with a view to addressing low economic growth and reducing high unemployment in our country. It is now exactly 1 year since the inaugural investment conference, where local and international investors responded wonderfully to our call and stood on this platform to make investments announcements totalling nearly R300 billion” said President Ramaphosa.
About 8 projects of the 31 projects of which are a result of the investments, have been realised and work has started, which has seen a whole breed of new jobs being created. About 17 of them, work will begin soon as they are in construction phase of the factories and/or plants are in progress.
“I’ve had occasions of to be present at some of these factories and facility openings and have seen with my own eyes the optimism and commitment of the business owners, management teams and the workers in all of these establishments. As those facilities were open, you could see that their hearts and everything else including their hands, were really lifted”. President Ramaphosa continued.
“I am pleased to see many of you from our own country as well as from as many as 22 other countries as Minister Patel said. It is pleasing to see that investors continue to consider South Africa as a country with much to offer and viable and profitable investment destination. Indeed, we have a lot to offer in a form of our people, in natural and mineral resources, with a young enable workforce. We also have world class infrastructure, sophisticated telecommunications systems and a well-regulated financial and banking sector”, said President Ramaphosa.
Announcements of the investments that have been committed to South Africa by the multinational and local firms are as follows;
⁃ Braun Medical with R300 million
⁃ Sappi with R14 billion (in Umkomaas, KZN)
⁃ Discovery Bank with R1,4 billion
⁃ Naamsa Automotive Industry (automotive fund for historical disadvantage black and new companies as means of empowerment of black-owned companies within the manufacturing of automotives)
⁃ Toyota (FDI of the new paint which will add to more jobs to the economy)
⁃ VM Automotive with R426 million of investment
⁃ Agricultural Development Agency with R12,9 billion
⁃ Renergen Energy firm with R700 million (producing gas)
⁃ New Development Bank (BRICS Bank) with R23 billion
⁃ Transnet with R22,1 billion of investment directed to the port’s infrastructure
This is the empowerment of the black people through the Black Economic Empowerment as well as the Women Empowerment. Especially the previously disadvantaged groups.
The 2019 Investment Conference hopes to archive its targeted goals for the economic growth and ensure there is enough opportunities for many of the young people that are unemployed.
In order to ignite growth and create jobs, there should be industrial strategies that are prioritised to automotive, the clothing and textile, oceans economy, gas and chemicals, digital economy and tourism, renewable energy, mining and beneficiation, agriculture and high-tech industries.
The signing of the investment pledges is of importance for the people of South Africa in terms of economic growth and job creation. The conference aims by next year, there will be more investment drives aimed at stimulating the economic growth and reducing unemployment.