South Africa intends to draw in $46 billion (750 billion rand) for an industrial push to establish initiatives classified as specialized industrial hubs.
The country intends to meet this investment target by April next year, barely a year from now, as it hopes to immediately plug the holes that have been festering for decades in its manufacturing sector.
“We are targeting R750 billion ($46 billion) worth of investments in this current fiscal year,” Maoto Molefane, acting deputy director-general at the Department of Trade, told Bloomberg News on the sidelines of the Special Economic Zones (SEZs) investment conference in Durban on Thursday.
The country’s Department of Trade, Industry, and Competition plans to raise around R200 billion through a combination of infrastructure funding, development finance institutions, commercial lenders, and investment promises made during the country's investment conference earlier this year.
According to the country’s president, Cyril Ramaphosa, investors pledged a record R890 billion ($54 billion) during the event, with a large portion likely to fund projects in special economic zones (SEZs) and other important industrial initiatives.
