R360 billion in investment pledges could mean jobs and growth but analysts are sceptical ...
At a conference last year, Ramaphosa set a goal of attracting $100 billion of new investments over five years and quickly secured more than half that amount in pledges.
On Wednesday domestic firms like telecoms company MTN and paper company Sappi made some of the largest pledges, of R50 billion and R14 billion respectively. Kevin Lings, chief economist at asset manager Stanlib, said the government’s focus on deregulation and skills development at the conference was positive but severe fiscal constraints limited its ability to drive an economic recovery, and the private sector was still in “wait-and-see mode”.
Trudi Makhaya, an economic adviser to Ramaphosa, said South Africa was encouraging investors to “come in at the bottom, find affordable assets and develop them.”
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