The second of President Cyril Ramaphosa’s annual Investment Conferences kicks off this afternoon at the Sandton Convention Centre. The project is an integral part of a five year plan to generate investment of $100bn by 2023 – which translates into the securing of R300bn a year in annual commitments. The 2019 edition has a mountain to climb.
Helped by hype that accompanies first events of this kind, the 2018 Investment Conference only just managed to hit the annual target. Good news is that implementation has begun on 85% of the R301bn promised last year. Not so good: fresh investors must be found to replace 2018’s major supporters Anglo American (R71bn) and Vodacom (R50bn).
From what we’ve seen, 2019’s official programme lacks a drawcard like last year’s Jack Ma. And although 1,500 “investors and business people” are expected to attend, it’s hard to judge their calibre or depth of pockets. So let’s hope Ramaphosa has a rabbit or two tucked away under his newly acquired Springbok jersey. With Moody’s breathing fire and the 2019 economic growth target slashed by two thirds, SA needs it more than ever.
