(3 minutes read)
- South Africa has managed to secure in pledge more than US $20 billion (almost €18bn) at this year’s South Africa Investment Conference in Johannesburg, as the country is close to reaching its target of US$100billion (€90bn) worth of investment over five years
South Africa has managed to secure in pledge more than US $20 billion (almost €18bn) at this year’s South Africa Investment Conference in Johannesburg, as the country is close to reaching its target of US$100billion (€90bn) worth of investment over five years.
President Cyril Ramaphosa addressed the delegates to the event and stressed economic reform and recovery strategy being followed by the country. One of the main sectors getting attention from investors is energy. Developed countries committed US $8.5bn (€7.6) to help the country break its dependence on coal. The African Development Bank has agreed to inject US $400 million to support the country’s energy transition. The bank’s current portfolio in South Africa totals US$3.2 billion.
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Mining in South Africa is a major source of foreign exchange and jobs and the new commodity boom appears to be fuelling investor confidence. Prospects of platinum mining are very bright. Of the total investment pledges valued at US$500 million, close to one-third is for the mining sector. Almost all the economy’s major sectors are projected to bounce back from the pandemic and return to growth.
The French companies announced over €1.8 billion in new investments in the health, tourism, retail, manufacturing and agro-processing sectors. The South Africa Investment Conference is a bid to revitalise its economy, which has been undergoing a difficult pathway in the last few years.
