South Africa: R363 billion allocated to SA’s investment
At the Sandton Convention Centre, President Cyril Ramaphosa officially opened the country’s second conference on investment.
At the SA Investment Conference, President Cyril Ramaphosa announced R363 billion in investment commitments.
In the next five years, he says the investments are expected to create more than 400 000 jobs.
The conference received nearly R300 billion in commitments for local and international investment in 2018.
Ramaphosa says commitments this year are 17 percent higher than commitments made last year.
“Our second South African Investment Conference today’s total value of investment commitments is R363 billion.
Ebrahim Patel, Minister of Trade and Industry, who is very diligent in counting stuff, is the one who counted it to the last billion, “adds Ramaphosa, President.
Meanwhile, the mining industry claims electricity’s rising costs are causing major problems in the sector.
Andries Rossouw, chief of PWC power, utilities and capital, spoke to stakeholders attending the meeting in Sandton, north of Johannesburg.
He claims energy supply is a limiting factor for future benefits.
However, government has told investors that it is working hard to get faster approval of mining licenses and solve the energy issues.
Mineral Resources and Minister of Energy Gwede Mantashe says they have set regulatory challenges such as finalizing the mining charter.
“We’ve launched the Integrated Resource Plan (IRP) that we’ve completed, bringing back policy and regulatory stability in the energy sector, because we can handle it now in the IRP. Just over a week ago, we released the IRP, so press it.
“You’ll be surprised that we will give you that licence, but we will also tell you that don’t detach yourself from the grid because your renewables at this point in time don’t have to base load solution.”-Additional
Reporting by Abraham OLuwadamilare (South Africa Correspondent)