Investment pledges worth billions of rand have been pouring in at the inaugural South Africa Investment Summit underway in Sandton, Johannesburg.
Over 1 000 delegates are attending, much more than the 400 that government had expected.
Delegates file in for the official opening of the SA #InvestmentConference pic.twitter.com/PJYJgPIrxy
— SA Gov News (@SAgovnews) October 26, 2018
Media and e-commerce giant Naspers re-iterated their commitment to empowering the youth in South Africa, and black economic empowerment. Earlier the company issued a statement saying it would invest R4.6 billion over the next three years in its technology businesses and to fund technology start-ups.
Basil Sgourdos elaborates: “In the spirit of backing local entrepreneurs and local founders I am proud to announce today that we will be setting up SA’s largest tech early-stage fund called Naspers Foundry. To underpin all of this we have recently announced an initiative called Naspers Labs to bring the youth off the streets to empower them with the knowledge the tools and the skills to actually become the people who approach Naspers Foundry for the investment in the next start up. We will transfer 5% of our holding in multi-choice South Africa to Puthuma Nathi, making a further contribution to black economic empowerment.”
Ten companies announced they will be investing a total amount of over R130 billion into the South African economy over the next five years.
The largest contribution came from Anglo American, which announced that it will invest over R70 billion over the next five years.
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