Nokukhanya Mntambo - 13 April 2023
Picture: Eyewitness News
JOHANNESBURG - President Cyril Ramaphosa will have the tough job of bringing investors on board as the country's Investment Conference rolls around for a fifth and final time in Sandton on Thursday morning.
Ramaphosa is expected to parade South Africa's business potential in a bid to achieve its optimistic target of R1.2 trillion in five years.
While the target was initially thought to be overzealous, the country now looks set to exceed it.
The investment drive in 2022 pulled an impressive R1.1 trillion in pledges.
Some of these pledges are yet to materialise, with about 40% of the commitments having been finalised.
In the final leg of 2023, the country needs a small push to meet the five-year target.
Team South Africa is expected to rely on its strategic importance in the African region and promise economic recovery and reconstruction to draw in investors.
While the country remains a favourable tourist destination, Ramaphosa might still have to convince some investors believed to be spooked by the country's woes.
This includes power cuts that continue to cripple the economy, low economic growth, poor consumer sentiment, and some policy uncertainty.
Crime and corruption also threaten the country's profile, with the elaborate prison escape of rapist and murderer Thabo Bester further smearing the country's image.
Considering this, team South Africa remains adamant it can clean up its image.
‘Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER’.