President Cyril Ramaphosa at the Investment Summit. (Presidency)
Have a look at some of the entities that made investment commitments during a summit championed by President Cyril Ramaphosa as he exceeded his target to lure $100bn over the next five years.
Companies pledged to invest almost $20bn, including a $6bn commitment from Anglo American Plc, although not all that money is new and some of it will come from state institutions.
- Mining company Anglo American intends spending $6bn by 2022 on maintaining and expanding its mines in South Africa
- Naspers, Africa’s largest company, plans to invest about $314m in new and existing technology companies
- Sappi, the world’s biggest producer of dissolving wood pulp, is planning a $528m upgrade and expansion of its Saiccor Mill Packaging company
- Mondi will invest $544m in expanding its capacity
- Vedanta Resources has completed a feasibility study for a $350m investment in a zinc-mine project and processing plant. It’s also considering spending $700m to $800m on a smelter and refinery complex
- About $306m is being invested in the Ivanplats platinum project, owned by Ivanhoe Mines, a Japanese consortium led by Japan’s Itochu Corp. and local community groups
- Bushveld Minerals intends to allocate as much as $170m over the next three years expanding its capacity to produce and process vanadium Telecommunications company Rain Telecom plans to spend $68m on a 5G high-speed network
- Mara Group, a Dubai-based company, has earmarked $100m for establishing a plant that will produce smartphones in South Africa
- Sumitomo Rubber plans to spend $66m to expand a tire-manufacturing plant
- Nestle SA will allocate $45m to expand in the food industry
- Procter & Gamble Co. will earmark R300m for a new plant
- McDonald’s Corp. will spend $206m on expansion over the next five years
- Aspen Pharmacare Holdings Ltd. will invest $232m in a new pharmaceutical plans
- Vodacom Group Ltd. plans to invest $3.4bn in telecommunications networks over the next five years
- ACWA Power International intends investing $775m in solar power
- Multichoice Group Ltd. will spend $69m on local content and technology
- South African vehicle manufacturers, including BMW AG, Nissan Motor Co., Ford Motor Co., Toyota Corp., Volkswagen AG and Daimler AG’s Mercedes-Benz unit pledged to collectively invest $2.7bn in new capacity over the next five years
- The Brics Development Bank will earmark $2bn for various projects
More from the summit:
- R290bn! The investment strike is over, declares Ramaphosa
- Ferial Haffajee: Big-ticket investors respond to Ramaphosa's 'Thuma Mina'
- Cyril's top 10 quotes in a bid to woo investors
- CHART: Ramaphosa ramps up drive for $100bn of investment
- Davies: Investment Summit pledges are the real deal
SA is on a winning path - Ramaphosa
Ramaphosa expressed optimism that South Africa is on a winning path.
Since announcing the investment drive in April, China, the UK, the UAE, Saudi Arabia and Daimler AG’s Mercedes-Benz unit have pledged $35.5bn.
“We are making enormous progress,” Ramaphosa said in an interview with Bloomberg Television at the investment conference in Johannesburg, which attracted more than 1 000 delegates.
Ramaphosa was also confident that another ratings downgrade could be avoided.
“We are repositioning our economy and beyond this, I am confident that we will have done a pretty good job to put South Africa on a winning path once again,” he said.
* Fin24 is part of Media24, a subsidiary of Naspers.
* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER
