President Cyril Ramaphosa has called on businesses to invest in South Africa as the country rebuilds after two years of difficult economic conditions brought on by the COVID-19 pandemic.
He addressed the fourth South African Investment Conference in Sandton on Thursday.
The first started in 2018 and aimed at attracting R1.2 trillion in new investment.
A total of R774 billion in investment commitments have been raised so far.
Ramaphosa told investors about what he saw as signs of reform as he shared news of the recent spectrum auction and the establishment of the special unit in the presidency to deal with bureaucratic red tape in the business environment.
With the fifth year of the targeted period to raise the R1.2 trillion in new investment coming up in 2023 he hoped that businesses would give South Africa another chance.
“You also see the reform process that is underway that is bearing fruit. You see an open society that has enabled us to weather many storms and there have been many storms. You also see a strong and vibrant democracy, a diverse media, and an active civil society.”
Of the 152 investment pledges made since 2018, Ramaphosa said 45 projects had been completed so far while 57 others were under construction.
-EWN
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