With both the South Africa Investment Conference (SAIC) and the Africa Investment Forum (AIF) taking place in the past week, investment into South Africa’s local economy and the continent have been amongst the hottest talking points.
With $36 billion (R536 billion) in commitments pledged during 2018’s AIF, Africa’s economy is set to receive a significant boost, and it is hoped that the value of deals signed this year will be in the region of around R1 trillion.
Conservative estimates expect the investments to result in the creation of 412 000 jobs.
During the closing of the SAIC, President Cyril Ramaphosa announced that the R363 billion in investment commitments signed during the conference had ‘exceeded expectations’.
“Last year, we secured R300 billion in commitments towards our goal of R1.2 trillion. Already, these commitments are turning into investments in factories, equipment and new jobs. Of the amount announced last year, around R238 billion worth of projects have either been completed or are being implemented,” he added, stating that conservative estimates expect the investments to result in the creation of 412 000 jobs.
At the AIF that runs until November 13 at the Sandton Convention Centre, Ramaphosa further highlighted the importance of the continent building capacity to produce more of its own locally-manufactured goods and products, using local resources.
“The time is now to move with speed to ensure that we unlock our potential… Indeed, our continent is ripe for investments, but more importantly, it is also brimming with enormous profitable opportunities,” he said.
Photos courtsey of GovernmentZA on Flickr.
