South Africa calls for investment to boost economic transformation

South Africa has managed to secure more than $20bn (almost €18bn) in pledges at this year’s South Africa Investment Conference in Johannesburg. Africa’s most industrialised economy is close to reaching its target of $100bn (€90bn) worth of investment over five years.

Positioning South Africa as a global investment hub is key to President Cyril Ramaphosa’s economic reform and recovery strategy.

Addressing delegates Ramaphosa declared: "It is nearly four years since we embarked on the ambitious drive, as minister Patel was saying, to raise R1.2 trillion in new investment over five years. Now, despite the impact of the pandemic, by the time of the 3rd South Africa Investment Conference in 2020, we had raised, and we had pledged, a total of R774 billion (around €470) in investment commitments.”

One of the main sectors getting attention from investors is energy. G7 nations have announced they will commit $8.5bn (€7.6) to help the country break its dependence on coal.

"The African Development Bank believes in South Africa. You can see it in what we do. The bank's current portfolio in South Africa totals $3.2 billion,” African Development Bank President Akinwumi Adesina said.

Mining in South Africa is a major source of foreign exchange and jobs and the new commodity boom appears to be fuelling investor confidence.

Mzila Mthenjane, Head of Stakeholder Affairs at Exxaro said platinum is a big part of that.

"I think you would have seen that from the R770 billion (about $500 million or €470) that has been achieved with the South Africa investment drive that I think mining consists of about R150 billion of that. And we saw some that being pledged by some of the mining companies across different sectors of mining, with platinum driving the