Economics
Ramaphosa Lauds Success of South Africa's Investment Drive
- Plans to lure $100 billion are ahead of target, president says
- Naspers, Anglo American among companies pledging to invest
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South African President Cyril Ramaphosa said he’s been “overwhelmed” by the level of interest in an investment summit he hosted on Friday and that his plans to lure $100 billion over the next five years are well ahead of target.
With elections due to take place next year, Ramaphosa needs to show he’s delivering on pledges to revive an economy mired in recession and create jobs for the 27 percent of the workforce that’s unemployed. Since announcing the investment drive in April, China, the U.K., the U.A.E., Saudi Arabia and Daimler AG’s Mercedes-Benz unit have pledged $35.5 billion.