South African President Cyril Ramaphosa has unveiled a record two trillion-rand investment target – making South Africa a stable and reliable destination for global capital, even as geopolitical tensions and trade disruptions continue to roil world markets.
Speaking at the sixth South Africa Investment Conference in Johannesburg, Ramaphosa acknowledged the turmoil facing the global economy, but argued that South Africa stands out.
“We meet at a time of uncertainty for the global economy; Geopolitical fragmentation, supply chain disruptions from conflicts and wars, and trade tensions are fundamentally impacting global capital flows. “In such circumstances, South Africa presents what I would call a favorable proposition as a flexible, reliable and reform-oriented investment destination with strong fundamentals.” South African President Cyril Ramaphosa said.
Ramaphosa pointed to a proven track record – noting that South Africa has surpassed its previous R 1.2-trillion investment target by attracting R1.5-trillion in verified investment between 2018 and 2023.
The new target of R2-trillion, equivalent to about US$120 billion, raises the bar significantly.
''Today, we have more than 1,200 delegates from more than 50 countries around the world who believe in the potential of South Africa and see it as a favorable place to invest and do business. You are here because you want to be part of our growth story,” South African President Cyril Ramaphosa said.
Ramaphosa also credited South Africa's G-20 presidency for securing investment commitments from 22 source markets across six continents – raising the country's global profile.
The conference is taking place against a backdrop of severe global energy market tensions – US-Israeli military operations against Iran since February 28 have disrupted key shipping routes through the Strait of Hormuz and oil prices are rising sharply – Ramaphosa said the conditions only strengthen the case for investing in stable, reform-oriented economies.