Gauteng’s MEC for Finance and Economic Development, Lebogang Maile, announced that the province secured over R312 billion
Image: Itumeleng English / Independent Newspapers
Gauteng's MEC for Finance and Economic Development, Lebogang Maile, announced that the province has secured over R312 billion in investment pledges at the inaugural Gauteng Investment Conference.
The provincial government initially set a target of attracting at least R300 billion in new investment pledges as part of its broader goal to secure R800 billion in investments over the next three to five years.
Speaking at the conference, Maile said the aim of the conference was "to catalyse the province's economic momentum and align with its broader integration goals".
He also highlighted that Gauteng contributes 33.2% to the country’s Gross Domestic Product (GDP), adding that it is the largest provincial economy within the Southern African Development Community (SADC).
Maile confirmed that the provincial government had exceeded its initial target, securing R312.5 billion in investment pledges, R12.5 billion more than the original goal.
"We have managed to secure pledges with an investment value of R312.5 billion. This is R12.5 billion more than our initial target," Maile said.
He further added that the pledges will be directed toward specific projects across all five development corridors of Gauteng, with the Central Corridor receiving R174.9 billion of the share.
"These pledges have been directed towards specific projects across all 5 development corridors of Gauteng, with the Central Corridor receiving R174.9 billion of the share, the Eastern Corridor receiving R36 billion, the Northern Corridor receiving R13 billion, the Southern Corridor receiving R42 billion, and the Western Corridor receiving R23.7 billion," he said."
"The broader Gauteng City Region has received pledges of R312 billion," he added.
mthobisi.nozulela@iol.co.za
IOL Business
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