JOHANNESBURG, Nov. 18 (Xinhua) -- Over 50 enterprises would be making commitments to invest in South Africa during the 2020 South African Investment Conference, said President Cyril Ramaphosa on Wednesday at the official opening of the South African Investment Conference.
Ramaphosa said they are looking for investment to assist in the country's reconstruction as they recover from COVID-19.
"I am therefore pleased to announce that there are over 50 companies that will be making commitments at this year's Investment Conference. These commitments are much more than statements of intent. These commitments are a form of compact between companies, their shareholders and their stakeholders," said Ramaphosa.
He stated that the investment would assist the country to expand its production, create jobs and open new markets.
Ramaphosa assured investors that the country has put in place measures to remove obstacles to investment. He gave an example of the 30 percent data price reduction, measures to ensure there is enough energy supply.
"We have taken a firm stand against corruption and state capture. We continue to strengthen and capacitate our law enforcement agencies and we are working to restore their integrity and credibility. We have installed capable and experienced managers at our state-owned enterprises and despite many challenges, have begun to turn them around. Now is the time to grow anew. Now is the time to invest," he said.
He said local and international investors have made commitments to invest approximately R664 billion (43 billion U.S. dollars) in the last two investment conferences.
Nineteen investment projects from the last two years have already been completed or launched. A further 44 projects, representing 57 per cent of the total investment commitment, are under construction, with another 12 projects in the early stages of implementation.
"This means that despite the severe disruption of the last few months, the vast majority of projects are making steady progress," said the president.
The 3rd Investment Conference started on Tuesday and will end on Wednesday. It is meant to showcase the country and lure investors. Enditem