South Africa’s investment drive on track, Ramaphosa says
INTERNATIONAL – South African President Cyril Ramaphosa said his administration is on track to lure $100 billion in new investment within five years, with more than $16 billion already committed and many more projects in the pipeline.
With the economy stagnating, an unemployment rate approaching 30% and the country in danger of losing its sole investment-grade credit rating as the state’s finances deteriorate, Ramaphosa needs an injection of new capital to shore up economic growth. His campaign got off to a good start in October last year when an international investment conference secured pledges that helped push inflows to a five-year high.
Of the 31 projects that were announced, eight have been completed and 17 are under construction or at the implementation stage, Ramaphosa said at the opening of a follow-up investment summit in Johannesburg on Wednesday.
Source: iol.co.za