By Lehlohonolo Lehana.
South Africa is gearing up to host the fifth South Africa Investment Conference (SAIC) on 13 April 2023 in Sandton Convention Centre,Johannesburg.
Four years ago, at the inaugural conference, president Cyril Ramaphosa said he wanted to attract R1.2 trillion in new investment in five years.
Together with pledges made (and kept) over the past three years, investment pledges now stand at R1.14 trillion.
The SAIC attracts delegates from South Africa and the rest of the globe.
Last year, the fourth SAIC raised R367 billion in investment commitments, bringing the five-year investment target firmly into sight.
Among the biggest was the Ford Motor Company’s R16.4-billion investment in the manufacturing of its new Ranger model in Gauteng and the Eastern Cape; African Rainbow Minerals R11-billion investment in two platinum mines in Limpopo; the expansion of Anglo American’s R100-billion investment announced in 2018 by a further R10 billion; Impala Platinum’s R11.8-billion investment in the platinum sector; and Norwegian energy company Scatec’s R16-billion solar PV and storage project in the Northern Cape.
Of the 152 investment announcements made previously, 45 projects have already been completed, while a further 57 projects are currently under construction.
These investments have resulted in new factories, call centres, solar power plants, undersea fibre optic cables, the expansion of production lines, and adoption of new technologies.
Importantly, the new investments also significantly contribute to the national goals of socio-economic development, and the creation of sustainable jobs, reduction of poverty and inequality.
These investments have also contributed to a substantial increase in local production and encouraged efforts to buy local.
The 2023 SAIC takes place as the country deals with a constrained energy supply that has resulted in persistent load shedding. In response to the energy challenges, government, through the Energy Action Plan, has announced several interventions to turnaround the situation.