Ramaphosa Announces R290bn Investment In SA

South Africa's President Cyril Ramaphosa. PICTURE: Miningmix

JOHANNESBURG: President Cyril Ramaphosa has announced a combined amount of R290 billion in investment in South Africa.

Speaking at the Sandton Convention Centre on Friday afternoon, the President told delegates at the Investment Conference that the country is witnessing a new narrative.

He says case studies that have been presented affirm that South Africa presents great economic opportunities across sectors of the economy. An additional R159 billion in investments has been announced at the investment summit.

Food, energy, automobile, and banking have all featured in the second round of announcements in the afternoon.

Ramaphosa says in addition to the R290 billion invested on Friday, pledges amounting to R400 billion have also been made.

“Our envoys, ministers, and myself have been going around the world. And in the course of these journeys, we have received pledges that we are going to follow up, and many of these amount to R400 billion.”

Some of the organisations that have committed to investing include the new Brics Development Bank which has promised to triple its current contribution to R29 billion next year.

Ramaphosa has also expressed his delight on the Chinese billion and founder of the Alibaba Group, a multinational technology conglomerate, Jack Ma’s presence at the Investment Conference.