South Africa Investment Conference (SAIC)
Nearly four years ago, government set itself a target of mobilising R1.2 trillion in new investment over five years. By the time of the third SAIC in November 2020, government had reached R776 billion in investment commitments. Next month, on 24 March, government will be holding the fourth SAIC in Johannesburg.
Government will showcase the many investment opportunities available as South Africa continues its recovery from the COVID-19 pandemic and report back on the progress of previous commitments.
Intra-Africa trade
Following the resolutions of the African Union Summit over the past weekend, trading can now begin under the African Continental Free Trade Area (AfCFTA) agreement. South African companies. are poised to play a key role in taking up the opportunities that this presents for preferential access to other African markets.
The AfCFTA agreement is about Africa taking charge of its destiny and growing its economies faster. Government will continue to pursue Africa’s health sovereignty, working with other African countries and international partners to support the strengthening of the continent’s capacity to respond to pandemics.
Industrial hemp and cannabis
Government will review the policy and regulatory framework for industrial hemp and cannabis to realise the huge potential for investment and job creation.
Manufacturing base
An important pillar of the Economic Reconstruction and Recovery Plan (ERRP) is to revitalise the manufacturing base and create globally competitive export industries. In the past year, government launched new master plans in the steel industry, furniture and global business services.”
Through these plans, business, government and labour are working together to increase production and create more jobs in the sector. In the clothing industry, a number of retailers have announced ambitious localisation sourcing plans.
“One of these retailers, Foschini, kindly made the suit that I am wearing today at its new formal wear factory, Prestige Epping. Five years ago, more than 80% of all Foschini Group merchandise came from the East. Today, nearly half of the merchandise is locally made. “The genuine leather shoes I am wearing were made by members of the National Union of Leather and Allied Workers from Bolton Footwear in Cape Town and Dick Whittington Shoes in Pietermaritzburg.” – President Cyril Ramaphosa, SoNA, 10 February 2022, Cape Town City Hall.
Related links
- Speeches and statements - South Africa Investment Conference
- Speeches and statemens - Intra-Africa trade
- thedtic - African Continental Free Trade Area (AfCFTA) agreement
- SARS - African Continental Free Trade Area (AfCFTA) agreement
- Department of Agricuture, Land Reform and Rural Development
- thedtic - Master plans
Source: State of the Nation Address Highlights [PDF]
