Ramaphosa: R363 billion in investment commitments made at conference

Ramaphosa: R363 billion in investment commitments made at conference

- President Cyril Ramaphosa has announced that R363 billion worth of investment commitments have been made

- The commitments were made at the SA Investment conference earlier this week

- Ramaphosa welcomed the investments, revealing this year had seen 17% more pledges than the previous year.

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President Cyril Ramaphosa has announced that the SA Investment conference was a booming success:

“The total value of investment commitments made today at our second South African Investment Conference is R363 billion. I don’t know how one begins to count that amount of money, but it is indeed R363 billion. Trade and Industry Minister Ebrahim Patel, who is very meticulous in counting things, is the one who counted it to the last billion."

The investments are expected to create over 400 000 jobs over the next five years, with the commitments pledged 17% higher than last year's.

READ ALSO: Eskom orders mountain of ammunition: 15 000 rounds to protect station

However, the mining industry has highlighted how the escalating cost of electricity is creating major issues in the sector.

Andries Rossouw, PWC energy, utilities and resources head, told investors that the availability of power is a limiting factor for future beneficiation, reports SABC.

Mineral Resources and Energy Minister Gwede Mantashe was adamant that the state is sorting out the energy issues as well as challenges obtaining licences:

“We released the Integrated Resource Plan (IRP), which we have done, again bringing policy and regulation certainty in the energy sector, provision is in the IRP we can manage it now. We released the IRP just over a week ago, so press it."

Briefly.co.za reported that Eskom had announced a high possibility of load-shedding returning, with short notice. This comes after breakdowns at power plants impeding supply.

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Source: Briefly.co.za

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