Annual Investment Conference sees R134 billion's investments in SA

Annual Investment Conference sees R134 billion's investments in SA

- After the investment conference, the amount to be invested in South Africa by a number of big companies stands at R135 billion

- This brings President Ramaphosa closer to his aim of $100bn invested in South Africa in the next 5 years

- Companies like Mercedes Benz, Anglo America and Vedanta Resources plan to invest heavily in South Africa

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Many South Africans felt that President Ramaphosa's aim to get $100 billion (more than R140 billion) invested in the country over the next 5 years was way too ambitious.

However, after a recent conference, more people are convinced that perhaps Ramaphosa could reach his goal after all.

The inaugural investment conference took place on Friday and a number of companies announced their investment into the country's economy.

BusinessLIVE reports that in total, R134.1 billion in new investments were announced at the conference.

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Briefly.co.za gathered the related information and made a quick list of the companies that plan to invest, and how much they're investing.

Mercedes Benz

Mercedes Benz committed an investment of R10 billion to expand a plant in East London in preparation for the next generation of C-class model. The focus will be on local suppliers and local production.

Rain

The new data network has promised to invest R1 billion in the form of 5 000 stations over the next 5 years. Rain plans a 5G network.

Anglo America

This heavy-weight will invest more than R70 billion in SA over the next 5 years. It will extend mining operations and 72 000 jobs will be preserved.

Bushveld Minerals

Bushveld Minerals produce vanadium - something the world is in shortage of - and will invest R2.5 billion.

Vedanta Resources

The mineral company Vedanta Zinc invested in 2 zinc deposits of R5 billion each and Vedanta Resources will invest more than R21 billion in total.

READ ALSO: Ramaphosa suspends NPA's Jiba and Mrwebi pending outcome of inquiry

Sappi

The paper company plans to invest R7.7 billion in South Africa's economy.

Ivanplats

Platinum mine Ivanplats will invest R4.5 billion in South Africa in developing its mines in the country.

Naspers

Naspers announced that it will invest R6 billion in Naspers Foundry which in turn will invest in SA entrepreneurs and tech start-ups.

Mara Corporation

The first smartphone to be made on the African continent will be made in South Africa by the Mara Corporation and it will invest R5.1 billion in the country.

Mondi

Mondi will invest about R8 billion in SA via export commitments.

With these companies committed to investing, the economy is set to look better by 2023.

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Source: Briefly.co.za

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