Pending investments put Gauteng back on road to prosperity
The private sectors made funding commitments worth $6.8 billion (R96 billion) at the recent Africa Investment Conference.
Gauteng’s finance MEC, Barbara Creecy (L) and Gauteng Premier David Makhura before his State of the Province Address at the Alberton Civic Centre, Johannesburg, 18 February 2018. Picture; Nigel Sibanda
Gauteng is expecting about R40 billion in investments towards the end of the year, which is expected to boost the province’s already buoyant jobs situation and further accelerate its economic growth, according to Premier David Makhura.
The investments included expansion plans in various areas by companies such as AB InBev, train manufacturing operators, and Airports Company SA’s investment at OR Tambo International Airport.
During his State of the Province (Sopa) address yesterday, Makhura also announced CCL Labs and Cummings Engineering’s planned investments in Midrand, Ford Motor Company’s plans to expand in Silverton, Tshwane, while Rainbow Junction is also set to undertake a mega investment in Tshwane.
There is also an ambitious plan to turn Chamdor in Krugersdorp on the West Rand into a township automotive hub, in partnership between Reggio Emilia and Italian original equipment manufacturers Ferrari, Maserati and Lamborghini.
There are also plans on the West Rand for the development of an agro-industrial area.
Makhura was ecstatic that mining houses were keen to release their own land for agro-industrial development and construction of new human settlements in the area.
He boasted that Gauteng-based businesses have more than 300 foreign direct investment (FDI) projects worth R356 billion, across the major regions of the continent.
These FDI projects have so far created and sustained more than 45,000 jobs in Gauteng alone, while contributing to Africa’s industrialisation.
“Our economy has grown five times, from R290 billion in 1996 to R1.5 trillion in 2017,” he said. “Gauteng is not only the economic and industrial hub of South Africa, we are also the seventh largest economy in Africa.
“The number of people employed in the Gauteng economy has also doubled: from 2.6 million in 1996 to 5.163 million in 2018.”
The jobs figures rose since 2014 from 4.7 million to 5.1 million currently. He said 469 000 netto new jobs had been added to the provincial economy over the past five years.
According to the latest data from FDI Intelligence, Gauteng has attracted R199 billion of foreign direct investment in five years and this has created 30,000 jobs, in comparison to the Western Cape’s R100 billion and 19,000 jobs over ten years.
Makhura announced a 15-year Infrastructure Master Plan worth R1.3 trillion that has already been developed to enable bankable infrastructure projects funded through the Gauteng Infrastructure Funding Agency. The private sectors had made funding commitments worth $6.8 billion (R96 billion) at the recent Africa Investment Conference.
Now, as part of infrastructure development, the provincial government was focusing on the full integration of the Gautrain, Bus Rapid Transit and Metrorail which would have single transport authority by the second half of 2019.
– ericn@citizen.co.za
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