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MTN, Sappi and Transnet promise billions in investment

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Between the three companies, R86bn was pledged at the second investment conference headed by President Cyril Ramaphosa

A range of companies, including cellphone giant MTN, paper producer Sappi, and state-owned logistics firm Transnet have promised billions in new investments in SA.

The conference is the second held by President Cyril Ramaphosa’s administration, aimed at securing R1.2-trillion in new investment in SA over the next five years. Further announcements are expected later in the day. An automotive industry transformation fund was launched, with R6bn pledged to support black participation in the automotive industry supply chain.

Since the last investment gathering, the country’s growth has continued to stagnate and power supply issues have further threatened growth. The state’s fiscal position has also continued to deteriorate as financial support to battling state-owned entities has strained the government’s finances.

 

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