By Lehlohonolo Lehana.
The Gauteng provincial government has exceeded its R300 billion investment target after securing commitments of R312.5 billion from local and international investors.
The event serves as a strategic platform to attract global investors, reinforce economic confidence, and showcase lucrative opportunities across various industries.
With its dynamic economy, well-developed infrastructure, and strong governance, Gauteng continues to lead South Africa’s economic growth. The GIC fosters collaborations between businesses, investors, and government stakeholders to drive sustainable development and investment expansion in the province.
The conference has secured more than 50 companies and 900 attendees – 500 in person and 400 online.
In 2024, the province secured R25.6-billion in new investments across priority sectors, including manufacturing, logistics, ICT, tourism and green energy.
Gauteng MEC for Economic Development Lebogang Maile gave a summary of the pledges secured by the conference and the way forward.
Maile said the province has already surpassed its initial target.
“We have managed to secure pledges with an investment value of R312,5 billion. This is R12,5 billion more than our initial target. Our potential investors are geographically spread across five continents.”
This includes a total of 300 potential investors in South Africa, the United States (US) and the European Union (EU).
The MEC stressed the importance of aligning the province’s economic strategy with the broader goals of regional integration and sustainable development. He pointed to the comprehensive Sector Plans developed in 2024, focusing on areas such as manufacturing, ICT, transport, logistics, and the green economy.
Deputy President Paul Mashatile addressed the attendees on the ‘Unlocking Gauteng’s Economic Potential – A National Priority’ economic plan for the province during his keynote address.
Mashatile has urged the province to invest in the ailing infrastructure and crime-fighting and ensure that the province across its metros and towns is clean and attractive to investors.
He said that despite the many challenges facing the country’s biggest economy, with a 35% contribution to the country’s GDP, President Cyril Ramaphosa’s ambitious target of achieving a 3% GDP will not be possible without investors pouring into the province’s economy.
“The story of Gauteng economic transformation is one of resilience since the late 19th century and is today an economic powerhouse and contributes 35% of the country’s GDP, making this province a crucial gateway for investment in the continent,” he said.
Mashatile said that with jobs in the country and economic growth hard to come by, there have to be new ways of trying to grow the province’s economy and ensure an inclusive economy that attracts jobs and growth.
“With this rich and strong base, we need to think about how to grow the economy. For that to happen, we need to work together in making the province a strong and vibrant economy… While the private sector must generate employment and contribute to industrial development, the government needs to demonstrate its commitment to building a future with sustainable economic growth despite the challenges we face as a country,” he stated.
Mashatile said investing in infrastructure, fighting crime, improving ease of doing business, and ensuring a cleaner and more attractive Gauteng are some of the best possible ways in which the provincial government can enable investment and economic growth.
During the afternoon, four parallel-running sessions discussed infastructure investment and public-private partnerships; revitalising Gauteng’s advanced manufacturing sector; enhancing the province’s logistics and trasnport infrastructure; and developing its tourism and creative economy.
Speaking during a panel discussion on driving the province’s infrastructure through innovation, Gauteng MEC for Public Works, Transport and Infrastructure Development, Jacob Mamabolo, indicated that the province was working at finding ways of raising funding through alternative sources while improving some of its digital performance tracking platforms.
“As a province, Gauteng is exploring various ways of using advanced and better methods of securing alternative funding. We are looking at ways of facilitating investment and are exploring with the private sector to find alternative ways of raising capital as accessing private partnership requires preparation,” he stated.