Gauteng MEC for Finance and Economic Development, Lebogang Maile has revealed that the province is ready to attract more than R300 billion in investment pledges from more than 50 companies that have shown willingness to invest in the province.
Deputy President Paul Mashatile, Gauteng Premier Panyaza Lesufi, and the Minister of Trade and Industry Parks Tau are set to address more than 500 delegates at the inaugural Gauteng Investment Conference on Thursday.
On Wednesday, Maile addressed members of the media gathered at the Marriott Hotel in Melrose Arch where the province's investment conference will get under way on Thursday.
This is as the province seeks to reposition itself as the investment destination of choice. The conference comes just two weeks after Maile tabled the province's R527 billion budget for the next three years, which promised citizens a province free of crime, unemployment, and decaying infrastructure.
During his budget speech, Maile set an investment target of R800 billion to be secured within the next five years, starting with R300 billion this financial year.
It is precisely this R300 billion that Maile sees as key to revitalising the province's ailing economy through the investment pledges from local and international investors, he said, who are queuing in their numbers to be part of the conference.
When asked if the province is financially challenged as has been reported ahead of his budget speech, Maile quipped: "How can we be cash-strapped when we have presented a R527 billion budget?"
With South Africa's leading economy getting ready to reposition itself, Maile said Africa's seventh-biggest economy which contributes 35% to the country's Gross Domestic Product (GDP) is ready to engage with the private sector to create jobs and other economic opportunities for its citizens.
"The intentional focus on the success of the conference is rooted in our collective appreciation of its strategic value and transformative potential... Of equal significance is the large contingent of leaders across business and government sectors on the African continent, the African diaspora, and the globe," he said.
Maile revealed that the plan for job creation, which is in place, will be made crystal clear by Lesufi, who will be taking local and international business community leaders in his confidence when he delivers his address.
"Yes. We do have a plan for job creation. We have been consulting with different sectors on this, and the premier will articulate that plan during his address tomorrow... We also want to double our economy from 1.1 trillion. For this conference, we are aiming for R300 billion in investment pledges, and we hope that we will be ready to sign some of those deals when we return for our next conference next year."
Maile said in order to ensure that the province is positioned for growth, it has devised the Gauteng Government's Meetings, Incentives, Conferences, and Exhibitions (MICE) strategy.
"Our MICE sector is a key driver of economic growth and job creation, including township enterprises growth, development, sustainability, and scalability is a priority of the seventh administration. The strategy emphasises leveraging MICE events to create opportunities for SMMEs within the events value chain, fostering local partnerships and networks," he added.