These 10 companies have just pledged to invest over R130 billion in SA at Ramaphosa's Investment Summit
- President Cyril Ramaphosa's much anticipated and closely watched Investment Summit kicked off on Thursday.
- 10 companies, including the likes of Mercedes-Benz, Anglo American, and tech start-up, Rain Mobile, have pledged over R130 billion in new investments already.
- The 10 pledges represent half of the expected investment commitments being announced at the conference.
Now in it's second day, President Cyril Ramaphosa's much anticipated (and closely watched) Investment Summit has already amassed 10 new pledges totalling R134.1 billion as of Friday morning.
The 10 pledges represent half of the 20 new projects Ramaphosa's economic advisor, Trudi Makhaya said would be unveiled at the Investment Conference. Makhaya told City Press the 20 projects will be bringing in R150 billion towards the President's target of raising $100 billion (R1.4 trillion) in new investments.
These are 10 investment pledges made at Ramaphosa's Investment Summit – so far.
1. R71.5 billion from Anglo American
Global mining company Anglo American announced a R71.5 billion investment into South Africa's mining industry for the next five years. Anglo's massive pledge is the highest thus far.
2. R21.4 billion from Vedanta
Another mining multinational with operations in SA, Vedanta pledged R21.4 billion towards the country's metal industry.
3. R10 billion from Mercedes-Benz South Africa
The local arm of German automobile maker, Mercedes-Benz South Africa, committed R10 billion towards its East London plant over the next five years, in line with a stated aim to increase localisation.
4. R8 billion from Mondi
SA-founded and now international packaging and paper group Mondi announced an R8 billion investment in South Africa.
5. R7.7 billion from Sappi
Another pulp and paper company with global operations, Sappi pledged R7.7 billion towards the local economy, specialising in manufacture and textiles.
6. R4.6 billion from Naspers
One of the country's most valuable companies, multinational internet and media group, Naspers* announced a R4.6 billion investment into South Africa and will be setting up a tech innovation hub called Naspers Foundry.
7. R4.5 billion from Ivanplats
Ivanplats, the local subsidiary of Canadian mining company Ivanhoe Mines, promised R4.5 billion in investment in the local economy.
9. R1.5 billion from Mara
Pan-African and multi-sector business services company Mara announced a R1.5 billion investment into South Africa's telecommunications sector, with a big focus on jobs.
10. R1 billion from Rain Mobile
Stellenbosch-based tech start-up Rain said its committing R1 billion in investment and will be building a new 5G network, enhancing the telecommunications sector.
* Business Insider South Africa is a part of 24.com, a division of Media24. Media24 is a Naspers company.
Naspers' investment amount has been corrected in the article.
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