Since President Cyril Ramaphosa announced his massive investment drive for the country, at least US$20 billion has been amassed.
Last year, the President announced an ambitious plan to attract investment to the country of $100 billion in the next five years. And, in the past few months, this drive has already seen investments pour into the amount of $20 billion.
The President said this when he addressed day two of the Investing in African Mining Indaba at the Cape Town International Convention Centre on Tuesday. The conference is being attended by Heads of State, investors, and dealmakers from around the world.
“We have recently returned from the World Economic Forum in Davos and a State visit to India, where we engaged with the investment community on, among other things, South Africa’s ambitious programme to mobilize far greater levels of investment.
“Our message to international investors is that we are taking practical measures to build an economy that is underpinned by inclusive growth, competitiveness, and transformation.
“This message found practical expression in the inaugural South Africa Investment Conference, which we hosted in October last year.
“Several companies at the conference made announcements of investments, which amounted to around $20 billion in total,” the President said.
The investments, President Ramaphosa said, are a clear indication that the South African economy has a lot to offer, and that opportunities for growth are abundant if the country harnesses its areas of comparative advantage and creates an environment conducive to investment.
“The fact that three of these major investment announcements came from the mining sector gives credence to our view that mining in South Africa is a sunrise industry.
“We expect that they will make a valuable contribution to accelerated economic growth and greater job creation,” he said. With South Africa’s mining industry having a long history that spans over 150 years, the President said the country’s mineral wealth has attracted large capital investments over the decades, resulting in the development of integrated industrial value chains that generate significant value for the economy.
“South Africa hosts the world’s largest reserves of platinum group metals and manganese, and some of the largest reserves of gold, diamonds, chromite ore and vanadium.
“As the government, we regard the mining industry as a key player in the future growth and development of our economy, with huge potential for exploration, production, and beneficiation.
“It is for this reason that we have prioritized the restoration of policy and regulatory environment that is stable and predictable.
“Significant work has been done to remove the uncertainty that held back the development of the industry,” he said.
– SA gov news