Ramaphosa seeks new investment pledges as economy struggles
President Cyril Ramaphosa will seek billions of dollars of new spending pledges from foreign investors and local firms at an investment summit on Friday, as he seeks to haul the economy out of recession before next year's election.
The former union leader wants $100-billion of new investments over the next five years and so far has secured pledges for around $35-billion, mainly from China, Saudi Arabia and the United Arab Emirates.
Ramaphosa has made reviving the economy a top priority since taking over from scandal-plagued Jacob Zuma in February, but he has been hampered by severe fiscal constraints and infighting in the ruling African National Congress.
He has said the investment summit will discuss opportunities in sectors including agriculture, manufacturing and energy.
"As an investment destination, South Africa has what it takes to compete," Ramaphosa said in a speech to diplomats on Tuesday. "We are focusing on addressing structural weaknesses in the economy."
The investment summit follows a jobs summit earlier this month at which Ramaphosa announced a wide-ranging set of deals between government, big business and labour which he said would create 275 000 more jobs a year.
Under pressure over his track record on the economy, Ramaphosa has also unveiled a "stimulus and recovery plan" which earmarked funds for job creation and infrastructure development.
The scale of the challenge facing Ramaphosa was underlined by Finance Minister Tito Mboweni's bleak medium-term budget speech on Wednesday, when he unveiled weak growth forecasts and deficit estimates.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Sulzer South Africa, established in 1922, partners with critical industries like power, oil & gas, water, mining, and chemicals to boost...
VISIT SHOWROOM
Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
