At the presidential investment summit in 2018, President Cyril Ramaphosa set a target of R1 trillion in investment commitments to the country. On Tuesday, he announced that he reached his five-year goal.

“Many people did not believe we could even get close to what we even dreamed about. We said our aim was to raise R1 trillion. Four years later we have achieved more than R1.1 trillion in investment commitments.”

Ramaphosa spoke at the expanded Sappi Saiccor dissolving pulp (used to make rayon) mill in Umkomaas, south of Durban.

Sappi had invested R7.7 billion in expanding its mill and other capabilities. The expansion is a culmination of the pledge the company made in 2018 during Ramaphosa’s investment conference.

Over the past months, the president said he has been visiting companies across the country who had promised to meet their pledges.

President Cyril Ramaphosa along with other KwaZulu-Natal government officials open the expanded Sappi Saiccor R7,7 billion dissolving pulp. @WitnessKZN pic.twitter.com/uatp6ZhBLQ

— Thabiso Goba (@ThabisoGoba2) September 13, 2022

On Tuesday, Ramaphosa started at the launch of the R1.4 billion Hesto Harnesses manufacturing facility in KwaDukuza, KZN.

“Today we are seeing what those investments mean in reality. We are witnessing more than just a financial investment, but an investment in infrastructure facility, investment in people, innovation and sustainability. All these investments show that our economy is on the road to recovery because all these companies would never have stood up in 2018 if their boards didn’t have confidence in the ability of our country to create a conducive environment for them to invest.”

The president said while these investments were positive, the unemployment rate in the country remained among the highest in the world. There was also the issue of load-shedding, which Ramaphosa described as a ‘considerable challenge’ for the country.

“The investors understand our challenges, where we are and the measures we are taking to repair Eskom. The repairing of Eskom is an ongoing process.”

KZN Premier Nomusa Dube-Ncube said the investments were a major boost to the province’s economy. She added that KZN is blessed with natural resources and a good climate that make it ideal for companies invested in the ecological side of business.

“[This] represents not just a vote of confidence in KZN, but a knock-on effect on the other companies that will benefit from this expansion.”