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R363 billion made in investment commitments for SA

SABC News Ramaphosa GCIS 1 - R363 billion made in investment commitments for SA

President Cyril Ramaphosa has announced that R363 billion in investment commitments have been made at the  SA Investment conference.

He says the investments are expected to create over 400 000 jobs in the next five years.

In 2018, the conference attracted nearly R300 billion in local and international investment commitments.

Ramaphosa says this year’s commitments are 17% higher than last year’s.

“The total value of investment commitments made today at our second South African Investment Conference is R363 billion. I don’t know how one begins to count that amount of money, but it is indeed R363 billion.  Trade and Industry Minister Ebrahim Patel who is very meticulous in counting things is the one who counted it to the last billion,” adds President Ramaphosa.

Meanwhile, the mining industry says the escalating cost of electricity is causing significant problems in the sector.

PWC energy, utilities and resources leader, Andries Rossouw addressed investors attending the gathering in Sandton, north of Johannesburg.

He says the availability of electricity is a limiting factor for future beneficiation.

However, government has reassured investors, saying it is working hard to get mining licenses approved faster, and sorting out the energy problems.

Mineral Resources and Energy Minister Gwede Mantashe says they have fixed regulatory challenges such as finalising the Mining Charter.

“We released the Integrated Resource Plan (IRP), which we have done, again bringing policy and regulation certainty in the energy sector, provision is in the IRP we can manage it now. We released the IRP just over a week ago, 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 Naledi Ngcobo


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