The inaugural South African Investment Conference 2018 (SAIC), which concluded on October 27, delivered investment pledges totaling R294bn (€15.89bn), which will be sown into the South African economy over the next few years.
Hosted by President Cyril Ramaphosa, the conference was attended by over 1 300 local and international business leaders, as part of Rampahosa’s drive to raise more than $100bn in investments over the next five years. Sectors identified by the government as potential growth engines included tourism, mining, oil and gas, and telecommunications. These, the government believes, have the potential to attract new investment and improve the overall performance of the South African economy.
The Tourism Business Council of South Africa (TBCSA) has welcomed the announcement, with CEO Tshifhiwa Tshivhengwa saying: “The commitments that the President has secured so far in his $100 billion investment crusade over the next five years, have boosted the brand image of South Africa and will stimulate business travel to our country, particularly from international tourism source markets.
Tshivhengwa anticipates that the investments will have a positive impact on the tourism value chain, with an expected increase in demand for accommodation, air travel, car rental and other sectors. He notes that business tourism also offers an investment opportunity – with South Africa having over 1 000 conference and exhibition venues that are supported by a National Convention Bureau. “There are also attractive opportunities for commercial ventures in eco-tourism, cultural tourism, and sports tourism.”
Tshivhengwa concludes: “We [the TBCSA] are encouraged by President Ramaphosa’s remarks at the Investment Conference that government was working with investment promotion and facilitation agency Invest SA to reduce red tape and improve ease of doing business in our country. This reform will unlock further travel and tourism potential, and TBCSA looks forward to contributing to this process.”
