By Lesedi Sibiya-Diplomatic Insider
Deputy President Paul Mashatile addressed the Gauteng Investment Conference and encouraged investors to continue to remain confident in the government of South Africa and has vowed to have a collaborative and supportive working relationship.
The Gauteng Investment Conference was held in Melrose Arch in Johannesburg on Wednesday and brought together representatives in local, provincial and national government in tandem with various foreign investors and development finance companies.
South Africa is currently facing pressures due to the rise in cost of living as recent fuel hikes have taken a toll on business and motorists alike.
“South Africa is open for business, and Gauteng is ready for execution. We are determined that Gauteng will lead by example in shortening regulatory timelines, and I’m happy that I had both the premier and the MEC emphasising that” said Mashatile in his address.
The Gauteng provincial government has emphasised their commitment to creating a healthy working environment for investment and growth in South Africa.
Gauteng was able to acquire R205bn in investments as they were received on Thursday which means that over the past two years Gauteng has been able to procure investments of up to R518 billion which already covers 65% of the R800 billion target that Gauteng aim to achieve over a three year period.
Investors from South Africa have accounted for 78% with China sitting at 17%, US 2%, the UK 1%, and others only constitute 2%.
“Strong domestic investment provides stability and confidence and international capital brings scale, technology and market access. Together, they position Gauteng as a globally integrated investment destination” said the Gauteng Economic Development, Agriculture and rural development MEC Vuyiswa Ramakgopa.
Which is seemingly the start of the building blocks of the next phase of growth for the province, the logistics and transport sector have secured R60.3 billion of the total commitments. Property development attracted R42.9 billion, infrastructure at R33.5 billion, energy secured R22.4 billion and manufacturing secured R14,4 billion.