{"id":47009,"date":"2023-04-13T22:56:48","date_gmt":"2023-04-13T22:56:48","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/investment-conference-businesses-pledged-r1-5-trillion-in-5-years-26-more-than-target"},"modified":"2023-04-13T23:18:44","modified_gmt":"2023-04-13T23:18:44","slug":"investment-conference-businesses-pledged-r1-5-trillion-in-5-years-26-more-than-target","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/investment-conference-businesses-pledged-r1-5-trillion-in-5-years-26-more-than-target","title":{"rendered":"Investment conference: Businesses pledged R1.5 trillion in 5 years, 26% more than target"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>South Africa attracted R1.51 trillion of new investment pledges over the past five years, 26% more than a target set in 2018, president Cyril Ramaphosa said.<\/p>\n

New commitments made at an investment conference in Johannesburg on Thursday include those from companies including mobile-phone company Vodacom, miner Anglo American and brewer Heineken, Ramaphosa said at a closing ceremony.<\/p>\n

Key investment pledges on Thursday:<\/p>\n

Ramaphosa set a target of attracting R2 trillion of new investment in the next five years, as executives pleaded with his government to urgently address the nation\u2019s energy crisis, fix crumbling infrastructure and end rampant crime.<\/p>\n

Ramaphosa issued his latest appeal on Thursday as companies struggle with hours of daily blackouts and the inability to transport everything from coal to citrus fruit, with criminals meeting little resistance to their stealing equipment and damaging infrastructure. The energy crisis alone is robbing the economy of as much as R899 million a day, according to the nation\u2019s central bank.<\/p>\n

\u201cWe are now confronted with the consequences of years of under-investment, mismanagement and corruption in our electricity, rail and logistics sectors,\u201d Ramaphosa said. \u201cDoubters have had reason to be skeptical. We are on a long journey to rebuild our country and recover the ground we have lost.\u201d<\/p>\n

Ramaphosa spoke after data this week showed the economy probably entered a technical recession in the first quarter. The BankservAfrica Economic Transactions Index, a measure that tracks interbank payments and an early indicator of economic activity, dropped 1.7% in the three months through March, after shrinking 1.3% in the prior quarter.<\/p>\n

South African companies are spending billions of rands to keep businesses running as Eskom, plagued by breakdowns at its coal-fired power plants, implements rotational blackouts for as long as 12 hours a day. That\u2019s begun to hurt earnings.<\/p>\n

JPMorgan Chase & Co. this week cut its recommendation for Shoprite, the continent\u2019s biggest retailer, citing higher costs to deal with the energy crisis.<\/p>\n

“We\u2019ve got material challenges in the short-to-medium term and you know, those are centered on infrastructure in general,” Mike Brown, chief executive officer at Nedbank said in an interview with Bloomberg TV. “However, if we are able to successfully deal with those, and there are numerous plans underway and we are making progress, I certainly see South Africa as a country of enormous potential.”<\/p>\n

That sentiment was echoed by Rand Merchant Bank CEO Emrie Brown, who urged the government to accelerate policy overhauls needed to improve the nation\u2019s business climate.<\/p>\n

“The reality is that we can see the capital outflow that is happening, which to my mind is concerning,” said Brown. “That is definitely a sign of our investor community looking beyond South Africa\u2019s borders to deliver the required returns to their investors.”<\/p>\n

“Policy within South Africa is absolutely crystal clear and I think observable from many quarters and highly valued,” said Duncan Wanblad, CEO of Anglo American. “The frustration generally is the pace at which change happens to effect some of these policies.”<\/p>\n

Investors have another reason to worry. South Africa\u2019s political climate is the most uncertain since the end of the apartheid era, with investors acutely concerned about a potential coalition between the governing African National Congress and the leftist Economic Freedom Fighters party that advocates for the nationalization of banks, land and mines after next year\u2019s elections.<\/p>\n

“There\u2019s probably the highest level of uncertainty politically that we\u2019ve had since 1994,” said Richard Wainwright, chief executive officer of Investec Bank. “It does appear that they are siding in certain instances with the EFF. That will be very negative for international investors and domestic investors.”<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. South Africa attracted R1.51 trillion of new investment pledges over the past five years, 26% more than a target set in 2018, president Cyril Ramaphosa said. New commitments made at an investment conference in Johannesburg on Thursday include those from companies including mobile-phone company Vodacom, miner Anglo American and brewer Heineken, Ramaphosa […]<\/p>\n","protected":false},"author":84,"featured_media":47008,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,235,1012,275],"class_list":["post-47009","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-cyril-ramaphosa","tag-investment-conference","tag-south-africa-2"],"yoast_head":"\nInvestment conference: Businesses pledged R1.5 trillion in 5 years, 26% more than target - South Africa<\/title>\n<meta name=\"description\" content=\"South Africa attracted R1.51 trillion of new investment pledges over the past five years, 26% more than a target set in ...\" 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