President Cyril Ramaphosa says rapid industrialisation is critical for South Africa’s economy to grow at a fast pace.

He is officially opening the country’s second investment conference at the Sandton Convention Centre, north of Johannesburg.

Potential investors are expected to engage with government and business representatives on new investment opportunities.

This year government plans to mobilise R1.2 trillion in new investments over the next five years.

Ramaphosa says infrastructure will be a key driver of South Africa’s industrialisation policies and component manufacturers across the world will find it as a useful place to set up their own operations.

He says: “Building on the success of our independent power producers in the field of renewable energy, we will be expanding opportunities for private investor involvement in other areas of infrastructure development.”

Last year the conference attracted R300 billion in local and international investment commitments.