Cabinet confident of attracting R1.2 trillion investment

Government on Thursday welcomed delegates from across the country and world to the fourth SAIC at the Sandton Convention Centre, in Johannesburg.

Cabinet has expressed confidence that this year's SA Investment Conference (SAIC) will build on the country's investment tally, as part of the nation's drive to attract R1.2 trillion in investment over five years.

Government on Thursday welcomed delegates from across the country and world to the fourth SAIC at the Sandton Convention Centre, in Johannesburg.

Following its meeting on Wednesday, Cabinet in a statement on Friday said the conference showcased the many investment opportunities and comparative advantages that South Africa offers investors. It said this was in a period of growing African integration through the African Continental Free Trade Area (AfCFTA), which promotes intra-African trade.

Cabinet said local and foreign investments play an important role in growing the country's economy and creating sustainable jobs.

"The SAIC spurs a cycle of economic activity, employment and consumer demand that can support the growth trajectory of the country," reads the statement.

Previous SAICs attracted R774 billion in commitments.

"Of the 152 investment projects announced, 45 have already been completed and a further 57 are under construction," said Cabinet.

(With Inputs from South African Government Press Release)