President Ramaphosa To Address SAIC With Objective To Achieve R1.2 Trillion Investment

President Cyril Ramaphosa is going to address the 5th South Africa Investment Conference (SAIC) Thursday with an objective of achieving R1.2 trillion in investment targets.

The 5th SAIC will be held at the Sandton Convention Centre in Johannesburg, where delegates from various industries will be present. Not only South African, but delegates from across the globe will participate in the event.

With his address, Ramaphosa is aiming to achieve R1.2 trillion in investment targets.

"Of the 152 investment announcements made previously, 45 projects have already been completed, while a further 57 projects are currently under construction," the Presidency said Tuesday, SANews reported.

The presidency further explained that these investments have contributed to "new factories, call centers, solar power plants, undersea fiber optic cables, expansion of production lines and the adoption of new technologies."

The new investments will help fulfill South Africa's socioeconomic development goals by reducing poverty, creating sustainable jobs and driving back inequality.

These investments are almost aimed at ensuring a substantial increase in local production and encouraging people to buy goods locally to boost the economy.

After addressing the SAIC Thursday morning, Ramaphosa will also present during the "South Africa: Resolving the Energy Crisis" panel discussion.

The conference will have different sessions on numerous topics, including Digital opportunities, Agriculture, Infrastructure, Tourism, Digital and Creative Economy, Capital markets and the Just Energy Transition in South Africa along with Mining and Manufacturing.

The Presidential Climate Commission (PCC) said in a separate statement, "The colloquium follows a series of information and consultation sessions that the PCC has been facilitating with South Africa's social partners – business, civil society, government and labor – as well as youth and the faith community."

"The outcomes of these dialogue events will underpin the colloquium, which in turn will provide stakeholders with the opportunity to interrogate and inform the PCC's consolidated recommendations," the PCC added.

Lastly, Ramaphosa will officiate the closing ceremony, along with hosting a dinner for investors and the companies participating in the event.

The previous SAIC event, which took place on March 24, 2022, generated R367 billion in investment commitments.

South Africa Investment Conference is an annual event held in the country to attract local and foreign investments in key sectors. The event aims to bring together business investors, leaders and other stakeholders to explore investment opportunities in various sectors. First held in 2018, the annual conference is aligned with the country's economic development goals.

Aside from working on the investment plan, President Ramaphosa addressed the problem related to export that is affecting the country's economic growth.

"We need to take urgent measures to resolve the logistics backlog that continues to undermine economic growth," he said last week during a virtual meeting held with chief executives from key exporting economic sectors, including automotive, freight forwarding, mining and minerals and the agricultural and forestry.

The president also promised that the government will consider and announce a set of measures to improve port and rail efficiencies.