SA’s 4th investment conference starts

R773 BILLION RAISED, R426 BILLION TO GO Of 152 pledges made so far, 45 have been completed or are soon to be concluded.

Emerging from tough Covid lockdowns that had an adverse impact on business, South Africa is today hosting the fourth SA investment conference (SAIC), in line with President Cyril Ramaphosa’s 2018 commitment to raise R1.2 trillion in five years to boost economic growth and stimulate employment.

With SAIC postponed last year to contain a new spike in the pandemic, R774 billion has been pledged to date – representing two-thirds of Ramaphosa’s goal. The investments are spread across mining, manufacturing, agriculture, the digital economy and other sectors.

The achievement of 64% of the target of R773 billion of investments leaves another R426 billion to be raised in the next two years.

Of the 152 pledges made during the first three investment conferences, 45 have been completed or are soon to be concluded, with 57 “under construction”. About 40% of the committed investment pledges were expended by the end of February.

Speaking before the start of the summit in Johannesburg, Sadick Jaffer, the department of trade and industry’s chief director for investment promotion, said South Africa was committed to removing any trade barriers in the form of systems and processes which made it difficult to invest in the country.

“We are always committed to facilitate for business to thrive,” said Jaffer.

“Once investors have committed to South Africa, we walk the road with them to ensure that the journey becomes easier.

“Through the department, challenges in systems and processes are promptly addressed in all spheres of government – making it easier for business to set up and operate,” Jaffer said.

“In this conference, we want to emphasise the key opportunities available in South Africa.

“The president is committed to ensuring that life becomes easy to conduct business and invest in South Africa – that measures are put in place. Where there are challenges, we deal with them with speed.”

While bullish about the country’s investment achievement, Jaffer conceded that “what has so far been achieved is a minimum amount of the target we have set for ourselves”.

“When people make announcements and pledges, as they will do at the conference, it becomes an interactive process between government and business, because we have to follow up.

“Before companies make announcements, they sign off on them – making a firm commitment,” said Jaffer.

According to the programme, the morning session will kick off with an investment announcement by the African Development Bank (ADB), followed by a panel discussion on the South African investment case.

The afternoon will focus on growing opportunities in Africa via investments made locally, improving the business environment, a focus on infrastructure finance, digital opportunities, tourism, the small business sector, energy, mining, manufacturing and a discussion on social compacts to support investments at district level.

The speakers include SA-born US billionaire Dr Patrick SoonShiong and ADB group president Dr Akinwumi Adesina.

Soon-Shiong, who has established a Covid vaccine plant in Cape Town, is a transplant surgeon and businessman.

He is also renowned for the development of abraxane, known for its efficacy against lung, breast and pancreatic cancer.

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