President Cyril Ramaphosa claims foreign investors have already invested billions of dollars into the South African economy just a few months after he launched his investment drive.
While addressing thousands of delegates at 2019’s Invest in Africa Mining Indaba at Cape Town International Convention Centre on Tuesday, President Ramaphosa revealed that South Africa is inching closer to meet the $100 billion foreign investment target that he had set in 2018. He said companies have already made $20 billion in commitments since the investment drive started.
“We wanted to raise $100 billion in five years,” Ramaphosa said, reported Eyewitness News. “In a few months, seven months at that, we were able to mobilize full commitments that are backed up by projects of $20 billion.”
Ramaphosa reassured delegates that South Africa’s mining industry has a bright future ahead as three of the companies who have made major investments in the country are from the mining sector. He went on to urge the foreign delegates to invest in South Africa as it is still an attractive investment destination despite some of its major structural and economic challenges.
As far as Eskom’s future is concerned, Ramaphosa said the government currently has its hands full dealing with challenges faced by the ailing power utility, which supplies more than 90% of South Africa’s power, but its drowning in R420 billion of debt.
He assured that the government will soon unveil a package of measures to shore up state-owned Eskom’s finances and address structural issues facing the struggling power firm.
“In the coming few days we’ll be announcing a package of measures to stabilize as well as to improve Eskom’s financial, operational and structural position,” the South African president said.
His address comes just a couple of days before his second State of The Nation Address, which is scheduled to held on Thursday in the Parliament.