South African President Cyril Ramaphosa says he has been ‘overwhelmed’ by the level of interest in an investment summit he hosted on Friday (26 October) 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% of the workforce that’s unemployed.

Since announcing the investment drive in April, China, the UK, the UAE, Saudi Arabia and Daimler AG’s Mercedes-Benz unit have pledged $35.5 billion.

Companies pledged to invest almost $20 billion on Friday, including a $6 billion commitment from Anglo American – although not all that money is new and some of it will come from state institutions.

“We are making enormous progress,” Ramaphosa said in an interview with Bloomberg Television at the investment conference in Johannesburg, which attracted more than 1,000 delegates.

“I think we are ahead of the track, we are way ahead, and I am overwhelmed by the level of interest in the South African economy.”

The summit comes two days after finance minister Tito Mboweni unveiled a mid-term budget that slashed economic-growth forecasts and showed government debt peaking later and at higher levels than previously anticipated.

The gloomy outlook triggered a sell-off in the rand and the nation’s bonds, and raised fears the country could lose its sole investment-grade credit rating from Moody’s investors service.

‘Winning Path’

“After this, things get better because we know we are able to wrap our arms around what needs to be done,” said Ramaphosa, who expressed confidence that another ratings downgrade could be avoided.

“We are repositioning our economy and beyond this, I am confident that we will have done a pretty good job to put South Africa on a winning path once again.”

Ramaphosa, a 65-year-old lawyer and former labor-union leader, took office in February, after the ruling party forced Jacob Zuma to step down following an almost nine-year tenure that was marred by scandal, policy missteps and inappropriate appointments.

“We now know how serious and how deep the problem was,” Ramaphosa said.

“We now know what needs to be corrected. We now know the type of skills that we need and the type of people that we have to put in place to repair the damage that has been done in the past nine years, and it is huge damage, but we are repairing it.”

“Today for us marks an important milestone in our journey of establishing South Africa as a destination of choice,” Ramaphosa told delegates. “In the past there has been accusation that maybe business has gone on an investment strike. Today maybe I can say the strike is over.”

These are among the investment commitments announced on Friday:

Mining company Anglo American intends spending $6 billion (R87.55 Million) by 2022 on maintaining and expanding its mines in South Africa;

Naspers, Africa’s largest company, plans to invest about $314 million (R4.5 billion) in new and existing technology companies;

Sappi, the world’s biggest producer of dissolving wood pulp, is planning a $528 million (R7.7 billion) upgrade and expansion of its Saiccor Mill Packaging company;

Mondi will invest $544 million (R8 billion) in expanding its capacity;

Vedanta Resources has completed a feasibility study for a $350 million (R5.1 billion) investment in a zinc-mine project and processing plant. It’s also considering spending $700 million to $800 million on a smelter and refinery complex;

About $306 million (R4.4 billion) is being invested in the Ivanplats platinum project, owned by Ivanhoe Mines, by a Japanese consortium led by Japan’s Itochu Corp;

Local community groups Bushveld Minerals intends to allocate as much as $170 million (R2.4 billion) over the next three years expanding its capacity to produce and process vanadium;

Telecommunications company Rain Telecom plans to spend $68 million (R1 billion) on a 5G high-speed network;

Mara Group, a Dubai-based company, has earmarked $100 million (R1.4 billion) for establishing a plant that will produce smartphones in South Africa;

Sumitomo Rubber plans to spend $66 million (R963 million) to expand a tire-manufacturing plant;

Nestle SA will allocate $45 million (R656 million) to expand in the food industry;

Procter & Gamble will earmark R300 million for a new plant;

McDonald’s will spend $206 million (R3 billion) on expansion over the next five years;

Aspen Pharmacare will invest $232 million (R3.3 billion) in a new pharmaceutical plant;

Vodacom plans to invest $3.4 billion (R49 billlion) in telecommunications networks over the next five years;

ACWA Power International intends investing $775 million (R11.3 billion) in solar power;

Multichoice will spend $69 (R1 billion) million on local content and technology;

South African vehicle manufacturers, including BMW AG, Nissan Motor Co., Ford Motor Co., Toyota Corp., Volkswagen AG and Daimler AG’s Mercedes-Benz unit pledged to collectively invest $2.7 billion (R39 billion) in new capacity over the next five years.

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