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.