Ramaphosa's conference bags R363bn in new investments

Jopie Fourie

Expert Member
Joined
Aug 30, 2019
Messages
2,251
More than R363bn in new investments were pledged by the private and public sector during President Cyril Ramaphosa's Investment Conference on Wednesday.

Ramaphosa described the pledges as a vote of confidence in the economy. In total, the pledged investment amount was 17% more than the figure raised last year during the inaugural investment conference.

"For us to have achieved this success at a time when our economy is struggling is a real achievement," he said, adding that the planned investment signalled that the economy was poised for growth and on its way to recovery. A further R8bn in investment was not announced on Wednesday, as companies were still awaiting board and regulatory approvals, Ramaphosa said.

The pledged investments should add 412 000 jobs over the next five years, in what would go a long way in alleviating the burden of the country's high unemployment rate and sluggish growth.
 

Jopie Fourie

Expert Member
Joined
Aug 30, 2019
Messages
2,251
I am not sure if Cyril understand the difference between a pledge and an actual investment. That being said, these pledges mean nothing. Just like last year. If his aim was to spend millions of Rands just to announce pledges, then well done! He did a stellar job.
 

Mila

Honorary Master
Joined
Nov 11, 2008
Messages
53,569
How many of last years pledges came through?
How much did the conference cost?
 

ForceFate

Honorary Master
Joined
May 18, 2009
Messages
24,375
I am not sure if Cyril understand the difference between a pledge and an actual investment. That being said, these pledges mean nothing. Just like last year. If his aim was to spend millions of Rands just to announce pledges, then well done! He did a stellar job.
Speaking at the opening of the conference in Sandton, the president said of the 31 project announced in 2018, eight have been completed and 17 are in their construction or implementation phase. This means that 80% of the projects announced last year have either been completed or are being implemented.

“In total this represents R238bn of investments announced last year, ” said Ramaphosa. “It is pleasing to see that investors continue to consider South Africa as a country with much to offer and viable and profitable investment destination,” he said, adding the commitments have translated into new factories and jobs.
 

R13...

Honorary Master
Joined
Aug 4, 2008
Messages
33,760
How many of last years pledges came through?
How much did the conference cost?
Apparently 80% of those pledges have realised (as in the projects are underway). Most of it was spending that was planned anyway just so it's clear but it is possible some of them may not have committed if Zuma's RET lot were still in power.
 

krycor

Honorary Master
Joined
Aug 4, 2005
Messages
16,556
And Eskom threatens load shedding.. beginning of the year investments dried up fast when it happen.

Look.. pledges are good, gives hope and honestly only a fool will say SA is not salvageable vs monetary issues.. but as Moody’s indicated, the issue is not that.

The issue is the political will to push through harsh reform without the unions throwing the country into anarchy. And unfortunately I don’t see that happening easily.

Ps. I am not sure the pledges will all come to complete fruition if we got junk status in March 2020
 

Milano

Honorary Master
Joined
Feb 7, 2004
Messages
14,082
Speaking at the opening of the conference in Sandton, the president said of the 31 project announced in 2018, eight have been completed and 17 are in their construction or implementation phase. This means that 80% of the projects announced last year have either been completed or are being implemented.
“In total this represents R238bn of investments announced last year, ” said Ramaphosa.
At R238 billion in additional FDI it is odd that we have not seen the rand strengthen significantly as that R238 billion entered SA. Currently it still sits well below January 2019 levels.
 

ɹǝuuᴉM

Expert Member
Joined
Dec 6, 2015
Messages
3,604
At R238 billion in additional FDI it is odd that we have not seen the rand strengthen significantly as that R238 billion entered SA. Currently it still sits well below January 2019 levels.
Ramaphosa is all talk and no action. International community is seeing him for what he is. He promised, by 2020 will give you even more promises
 

diesel

Expert Member
Joined
Mar 4, 2007
Messages
2,429
I dont think the problem has ever been a lack of willing investors, the problem is a corrupt government stealing the money and creating an unsafe environment for investment.
 

Jopie Fourie

Expert Member
Joined
Aug 30, 2019
Messages
2,251
Show us the money!Show us the people!
Ultimately, this is what it is all about.

If there is no incoming money to pay off the debts, people not being employed, then whether 100% of these deals materialize, they are useless and meaningless and does not contribute towards the economy.
 

Supervan II

Expert Member
Joined
May 8, 2011
Messages
1,280
And in other news: Not ONE vehicle has been manufactured at BAIC (that massive Chinese auto-plant that has been built in Coega) because of, amongst others, SMMEs fighting amongst one another/not getting paid/strikes, etc.

Yes, a few SKDs have been assembled, but that was it.

The embattled and behind-schedule Beijing Automotive Industry Corporation (Baic) SA plant at the Coega special economic zone in Nelson Mandela Bay has received a cash injection of R428 million to cover higher construction costs and delays in the project.
IOW, already one year behind schedule. Can somebody say Medupi?!
 

Gaz{M}

Executive Member
Joined
Feb 9, 2005
Messages
6,264
I just laugh when I see that some pledges are from State Institutions or SOE's. That's tax payer money, fools. It was going to be spent/stolen anyway.

R50 Billion from MTN? Haha, that was going to be spent anyway. It's not new money.

This is all a big marketing spectacle for stupid people who think it will directly inject a new R300+ Billion into the country. If even 10% of that is new I would be surprised.
 

ArtyLoop

Executive Member
Joined
Dec 18, 2017
Messages
7,780
I just laugh when I see that some pledges are from State Institutions or SOE's. That's tax payer money, fools. It was going to be spent/stolen anyway.

R50 Billion from MTN? Haha, that was going to be spent anyway. It's not new money.

This is all a big marketing spectacle for stupid people who think it will directly inject a new R300+ Billion into the country. If even 10% of that is new I would be surprised.
Stupid people, as in the voters, stupid rich people overseas yes..
 

Mila

Honorary Master
Joined
Nov 11, 2008
Messages
53,569
Apparently 80% of those pledges have realised (as in the projects are underway). Most of it was spending that was planned anyway just so it's clear but it is possible some of them may not have committed if Zuma's RET lot were still in power.
Tx. That is good
But seems like more smoke and mirrors if the other reports are to believed.
 

Neuk_

Expert Member
Joined
Jan 23, 2018
Messages
3,519
Talk is cheap and my ears are bleeding. Less 'honk, honk, honk' and more visible results.
 

ambroseg1

Honorary Master
Joined
Jul 15, 2008
Messages
11,959
I just laugh when I see that some pledges are from State Institutions or SOE's. That's tax payer money, fools. It was going to be spent/stolen anyway.

R50 Billion from MTN? Haha, that was going to be spent anyway. It's not new money.

This is all a big marketing spectacle for stupid people who think it will directly inject a new R300+ Billion into the country. If even 10% of that is new I would be surprised.
I have bolded what I think is the most important part.
 
Top