Thursday, 07 November 2019 06:01

 

More than R363bn in new investments were pledged by the private and public sector during President Cyril Ramaphosa's investment conference, which he described as a vote of confidence in the country.

Ramaphosa said he is pleased to announce that the total value of investment commitments made at the second investment conference is R363 billion and indications of further R8 billion in planned investments that are subject to either regulatory or company board approvals.

He added that it has been estimated that these investments will lead to the creation of around 412000 direct jobs over the next five years. 

And this does not include the hundreds of thousands of indirect jobs that will be created through allied linkages to these investments.

This year’s conference, a key milestone in the country’s bold ambition to raise R1.2 trillion in new domestic and international investment over the next five years, is held under the theme “Accelerating Growth by Building Partnerships”.

 

The investments announced included:

Toyota (R2.43 billion).

VM Automobile (R426 million).

Agricultural Developmental Agency (R12.9 billion).

Renergen (R700 million).

New Development Bank (R23 billion).

Transnet (R22 billion).

German medical and pharmaceutical device company, B Braun, pledged to invest R300 million on a greenfields plant and Sappi,announced it would spend R14 billion on its various plants across the country.

Discovery Bank also announced that it would be investing R1.4 billion on its venture.

Meanwhile rating agency S&P Global is reported to have indicated that the country could face a downgrade later this month.