Investors pledge billions to improve SA economy

French companies have pledged investment of R20 billion at the Investment Conference. Courtesy #DStv403

JOHANNESBURG - President Cyril Ramaphosa has revealed the numbers for the 2019 Investment Summit.

Last year saw pledges of about R300-billion being made.

This year's figure eclipsed 2018, reaching R363-billion with a further possible R8-billion, subject to approvals.

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It's estimated the investments will lead to the creation of more 400,000 direct jobs over the next five years.

Ramaphosa thanked investors for following through on their commitments.

The Presidency said R14-billion will come from SAPPI, R50-billion over five years from MTN and R12.9-billion from the Agricultural Development Agency.

READ: What makes SA an attractive investment option?

French companies have pledged investment of R20-billion over three years.

French ambassador Aurélien Lechevallier made the announcement on Wednesday said investments will be made over the next three years involving "serious" money and job creation.

"We wanted to be present during the conference to show support to the transformation agenda and to be supportive of the president's and government's action to transform the economy," he said.

President Cyril Ramaphosa has thanked investors for carrying through on investment commitments made at his first summit last year. He addressed the opening of the second Investment Conference. #DStv403

Source
eNCA