S.Africa announces ambitious plan to attract investment

South Africa will host an investment summit later this year to lure 1.2 trillion rand (about $100 billion) over five years, President Cyril Ramaphosa has said.

Ramaphosa on Monday said he will extend an invitation to leading investors and leaders of business to attend the Investment Summit scheduled for August or September this year, Xinhua news agency reported.

"The investment conference, which will involve domestic and international investors in equal measure, is not intended merely as a forum to discuss the investment climate," said Ramaphosa.

South Africa, he said, would rather expects the conference to report on actual investment deals that have been concluded and to provide a platform for would-be investors to seek out opportunities at the South African market.

"Given the current rates of investment, this is an ambitious but realizable target that will provide a significant boost to our economy," the president said.

He voiced confidence that the conference will produce results that can be quantified and quickly realised.

Ramaphosa was speaking before leaving for London to attend the Commonwealth Heads of Government Meeting (CHOGM 2018).

He said he will utilize the opportunity to engage with major investors and business leaders based in the UK.

For South Africa, the CHOGM 2018 is an opportunity for the marketing and promotion of South Africa as an investment destination, Ramaphosa said.

The CHOGM 2018 will be held on April 17-18 to discuss common international challenges facing Commonwealth states, including weak global trade and investment flows.

Ramaphosa said his government will dispatch four special envoys on investment to Asia, Middle East, Europe and the Americas to meet with potential investors before the Investment Summit.

--IANS

pgh/