South African President, Cyril Ramaphosa, who seeks to get the economy out of recession before next year’s election, will strive to get billions of dollars of new spending pledges from foreign investors and local firms at an investment summit.
Ramaphosa wants $100 billion of new investments over the next five years. Currently, he has secured pledges for around $35 billion, mainly from China, Saudi Arabia and the United Arab Emirates.The President has made reviving the economy a top priority since taking over from Jacob Zuma, but his goals have been hampered by severe fiscal constraints.
President Ramaphosa revealed that the investment summit will discuss opportunities in sectors such as agriculture, manufacturing and energy. He said “as an investment destination, South Africa has what it takes to compete”.
The investment summit comes after a jobs summit organised in early October 2018, where Ramaphosa announced a wide-ranging set of deals between government, big business and labor which he said would create 275,000 more jobs a year.
Ramaphosa has also unveiled a “stimulus and recovery plan”, designed to set aside funds for job creation and infrastructure development.