$100bn: ‘It must happen’

President Cyril Ramaphosa has set his Cabinet a target of attracting $100 billion (R1.5 trillion) in investments in five years, for the acceleration of economic growth.

Speaking at the Discovery Leadership Summit yesterday, he said the approach was taken on the understanding that investments in productive sectors of South Africa’s economy would have a great impact on economic growth, inclusivity and unemployment. The summit is held at the Sandton Convention Centre.

“It is going to happen. It must happen,” said Ramaphosa.

“The one thing that makes me confident is that the people of South Africa want to see this country succeed, and that’s what makes me wake up every morning and to go to Union Buildings or to parliament.”

He also touched on the land issue, saying his presidency would not allow the debate to lead to the degradation of South Africa.

The president highlighted the importance of the private sector in economic growth and its contribution to job creation, saying the sector had a huge role to play.