South Africa to host its third investment conference
Today marks the beginning of the third annual South African Investment Conference in Johannesburg.
The two-day, primarily virtual conference aims to reinvigorate the economies of Southern Africa and the rest of the continent following the COVID-19 pandemic. Expect discussion to centre around stimulating industries affected by the virus. Attendees will represent countries from across the African Continental Free Trade Area (AfCFTA), a tariff-free zone spanning most of the continent signed in 2018 and coming into effect in early 2021.
After an opening speech, South African President Cyril Ramaphosa will lead a panel discussing economic recovery, including the recently-announced plans for the reduction of data costs and expansion of broadband to poor households, creation of a $6.5 billion state infrastructure fund, and $900 million of spending to create new jobs in the renewable energy sector. Other panels will discuss renewable energy, pharmaceuticals and the telecoms industry and how each are adapting to the challenges of COVID-19 in South Africa.
Expect investment in renewable energy to take centre stage as South Africa’s desire to establish a stronger energy foundation grows following a recent push to move away from coal. Such a shift would create thousands of new jobs and aid in economic recovery.
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