Gauteng Investment Conference secures over R312bn in commitments for economic growth

THE inaugural Gauteng Investment Conference on Thursday charted a promising course for economic revitalisation in South Africa's financial and economic engine.

- SIPHELELE DLUDLA

Gauteng contributes more than 34% to South Africa's Gross Domestic Product (GDP), making it the country's economic powerhouse.

With ambitions to attract R800bn in investments over the next five years, including a foundational goal of securing R300bn in commitments from the conference, the Gauteng Provincial Government is poised for transformative development.

Lebogang Maile, Gauteng MEC for Finance and Economic Development, provided a snapshot of ambitious infrastructure projects within five strategic development corridors of the province.

This initiative encompasses 117 public sector projects, necessitating a cumulative investment value of R239.01bn, and aims to create over 114 852 jobs, significantly impacting livelihoods and Gauteng residents.

Maile said the provincial government's proactive efforts at the conference were met with enthusiastic response from local and international investors alike as the conference had surpassed its initial target, securing R312bn in investment pledges, R12bn more than anticipated.

Maile elaborated on the geographical distribution of the pledges, noting significant contributions from South African investors amounting to R144bn and R39bn from the US. The European Union trailed the US with pledges from France and Estonia totalling an R2.8bn, whilst the UK contributed R30bn and Sweden and R623 million.