Pledges at the annual South Africa Investment Conference (SAIC) over the past four years have exceeded President Cyril Ramaphosa’s target of R1.2 trillion in investments by some R306 billion – overachieving the target by 26%.
This was announced by the President during his closing address at the 5th SAIC on Thursday evening.
The President said the achievement was “stellar” in the face of all the challenges the country faced, including the COVID-19 pandemic.
“Having now officially concluded the first phase of our national investment mobilisations drive, we can say this has been a watershed conference.
“We have honoured the undertaking we gave the South African people in 2018 that we would attract new investment, investments that were much needed in our economy. We would attract all those investments from overseas and our internal companies to support the growth of local businesses and create more jobs.
“When we set out on this ambitious path five years ago, none of us could have foreseen that the world would be struck by a deadly pandemic and that there would be turmoil in the world economically. Nor could any of us have imagined the lingering impact on investment, businesses, jobs, and livelihoods, even years after the existential threat of the pandemic that we faced.
“For us to have been able to meet our five-year target despite the major challenges and disruptions, including the pandemic, is no mean feat. It is a stellar achievement. We should all be proud of having achieved this,” he said.
President Ramaphosa emphasised that these investment commitments will go a long way in stimulating economic activity, creating jobs and developing critical infrastructure in many regions across the country.
Over the past four years, at least R263 billion has been raised for infrastructure development programmes.
“A number of these investments aren’t only bringing much-needed economic activity to these localities, they are also supporting our overall national development goals. Infrastructure development is one of the key areas of focus to drive economic growth and is the flywheel that drives economic growth.
“When we talk about investment in the cause of development, infrastructure is at the centre of that. Infrastructure development meets pressing community needs, and often leaves behind a legacy for future generations.
“By way of example, a few years back SANRAL… announced at the Investment Conference their plans to build the Msikaba Bridge, the longest and highest cable-stayed suspension bridge in Africa. On a superficial level, this bridge connects the peoples and economies of the Eastern Cape and KwaZulu-Natal. But it is a far deeper story about integrated development,” he said.
The President said the success of the investment conference must lead to deepened collaboration between government and the private sector.
“As government and the private sector, we have proven ourselves capable of moving forward together, of working in unison in pursuit of the common good. We did so exceptionally during the pandemic. We have done so with this investment drive, and now aim to replicate this collaboration as we address challenges with energy and logistics.
“I call on every one of us in this room to recommit ourselves to the common good that is South Africa’s development. The past five years have shown what we are capable of as a nation. They have shown our resilience and determination, our ability to make progress under difficult circumstances.
“As we close this 5th South Africa Investment Conference, we look to the next five years with greater confidence and ambition. I now officially announce the countdown to mobilise R2 trillion over the next five years or 1825 days. Let the hard work begin,” President Ramaphosa concluded. – SAnews.gov.za
Source: Government of South Africa