South Africa’s investment summit fetches $34b

South Africa President Cyril Ramaphosa:
South Africa President Cyril Ramaphosa hosts investment summit

South Africa’s investors’ summit on Friday where it hopes to raise billions of dollars in foreign investment yielded $34 billion.

The investment summit is part of the move to raise $100 billion in investment in five years.

It discussed opportunities in sectors including agriculture, manufacturing and energy.

President Cyril Ramaphosa is seeking billions of dollars of new spending pledges from foreign investors and local firms at the summit as he seeks to haul the economy out of recession before next year’s election.

The president wants $100 billion of new investments over the next five years.

The country has 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 (ANC).

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 labor 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. (Reuters)

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