CAPE TOWN, Oct. 22 (Xinhua) -- South Africa looks forward to partnering both local and international investors to explore opportunities in turning more investment commitments into bankable projects, Minister of Trade and Industry Ebrahim Patel said on Tuesday.
As South Africa aims to re-ignite economic growth and boost confidence in the country's economy, leaders from local and international business, government, and the investment community will come together to explore exciting investment opportunities at the Second South Africa Investment Conference (SAIC) 2019, Pantel said.
Briefing reporters in Cape Town on the conference scheduled for November 5-7 in Johannesburg, Pantel said the second SAIC will add momentum to the country's investment drive, launched by President Cyril Ramaphosa last year, which seeks to mobiliz 1.2 trillion rand (about 81 billion U.S. dollars) in new investments by 2023.
The first SAIC was held in October 2018, where 300 billion rand (about 20 billion dollars) was committed for investment in South Africa by local and international investors.
More than 1,500 delegates from across the globe are expected to attend this year's conference under the theme: "Accelerating Economic Growth by Building Partnerships," said Pantel.
The SAIC 2019 will again showcase South Africa as an investment destination and present a pipeline of investment projects in several sectors, the minister said.
"This is an ideal opportunity for government, local and international businesses to partner on new projects which can further position the South Africa as a centre of innovation and investment growth," he said.
Speaking at the press briefing, Ramaphosa's economic advisor Trudi Makhaya said South Africa, the most diversified and advanced African economy, offers investors a host of unique comparative advantages and unique features as an investment destination and trade partner in Africa.
"Investors will have the opportunity to hear from - and engage with - government and business leaders on our progress towards political and economic renewal, strengthening the credibility of public institutions and unlocking the potential and innovative spirit of South Africa's economy," Makhaya said.
Over the past year, the government has made steady progress on making it easier to do business in South Africa through state-run agency InvestSA by focusing on factors which contribute to the country's improved competitiveness, he said.