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In establishing South Africa as an attractive investment destination and stabilizing the economy, President Cyril Ramaphosa announced that the plans to secure $100 billion in investments over the next five years are well on target.
Describing it as a winning path, the president expressed his confidence in the repositioning of the economy, acknowledging the previous lack of investment in the country saying that he has been ‘overwhelmed’ by the level of interest in investment into South Africa.
Since announcing his investment drive earlier this year that saw him visit China, the UK, the UAE and Saudi Arabia, companies have pledged billions in investment into the South African economy.
During the investment summit held in October, a number of companies who had made investment commitments were announced.
Since President Cyril Ramaphosa announced his investment drive earlier this year, companies have pledged billions in investment into the South African economy.
Here are 5 companies that pledged investment into the South African economy:
The multinational Internet and media group, headquartered in South Africa plans to invest $314 million in new and existing technology companies. Naspers currently offers services to over 130 countries.
MultiChoice, which owns the broadcast satellite service, DStv, has pledged to spend $69 million on local content and technology.
Telecommunications company, Rain Telecom plans to spend $68 million on a 5G high-speed network.
The African mobile communications company plans to invest $3.4 billion in telecommunications networks over the next five years.
The mining company intends on spending $6 billion by 2022 on maintaining and expanding its mines in South Africa.