APA-Johannesburg (South Africa) President Cyril Ramaphosa has set an ambitious target of attracting at least R2 trillion (about US$110 billion) into South Africa over the next five years, buoyed by the success of a previous target set in 2018.
Addressing the 5th South African Investment Conference (SAIC) in Johannesburg on Thursday night, Ramaphosa said the country overshot its R1.2 trillion investment target set in 2018 by more than R300-billion.
He said South Africa had reached R1.51 trillion in pledges over the past five years, surpassing the initial target by 26 percent.
Ramaphosa said the investment pledges made in the latest drive would focus on developing 21 district municipalities across the country.
“A number of these investments aren’t only bringing much-needed economic activity to these localities, they are also supporting our overall national development goals,” Ramaphosa said.
Ramaphosa said out of the 152 investment announcements made in the last five years, some 45 projects had already been completed and had benefitted the economy in at least 22 districts across the country.
NM/jn/APA