By Lebogang Maile, Gauteng MEC for Finance and Economic Development
Gauteng has long been a pivotal economic centre not only of South Africa, but also for the Southern African Development Community and the rest of the continent.
The province contributes 33.2% of the growth to the gross domestic product nationally and holds the largest share of Africa’s GDP among individual provinces, with a contribution of around 5% of the continent’s total GDP.
At the same time, the province is set to host the G20 Summit in November, which is the first time in its history it will be hosted on African soil. And just recently, as the Finance and Economic Development MEC, I led the Gauteng delegation to the World Economic Forum meeting where we reaffirmed the province as a player in the global economic and geo-political landscape.
Considering the current circumstances, it is an opportune moment to scale up Gauteng’s economic momentum and align our broader regional integration goals.
In less than two months, we will host the Gauteng Investment Conference on 3 April, which will explore ways to gear up our developmental agenda and that of the region.
We aim to attract R800 billion in investment pledges over three years. However, the first objective of the conference is to secure R300 billion in investment commitments.
In the lead up to the conference, we have set out seven objectives, with an understanding that sustainable economic development is dependent job creation, and economic transformation.
It is for this reason that our focus for the conference will be on projects that not only transform Gauteng’s economy, but also uplift communities, foster skills development and enable sustainable jobs.
These initiatives will emphasise inclusive industrialisation, benefiting small businesses and historically disadvantaged groups who have been on the margins of productive economic activities, such as women, youth and persons with disabilities.
Another objective will be to showcase our high-growth and high-potential sectors for investment ranging from advanced manufacturing to the digital economy.
The meeting will also explore how to enhance project preparation and execution to ensure that projects are well-prepared, with a focus on risk mitigation, feasibility and investor readiness. And this must happen through fostering local and international collaboration.
To enhance the business environment, the barriers to doing business in Gauteng must be addressed to make the province and the region more accessible and attractive for investment.
The provincial government is more focused than ever on creating a streamlined, investor-friendly environment that is conducive to both business expansion and new investments.
We will showcase the various policy and regulatory improvements in the province that position it as a preferred destination for business expansion and new ventures.
However, all of these goals must be in sync with our sixth objective, which is to advance sustainable and inclusive Investments. The 7th administration of the province has stipulated that sustainable and inclusive development is a key priority.
The Gauteng government aspires to position our province as a leader in climate-smart and socially inclusive growth. We will invite investors who value environmentally responsible development that benefits communities without posing threats to the environment.
There are already major developments underway in the province, including the OR Tambo Special Economic Zone Precinct 2 that will be particularly attractive to investors, as it will unlock new opportunities to further strengthen Gauteng’s position as a hub for high-value manufacturing and beneficiation.
As we gear up for the Gauteng Investment Conference, it cannot be overemphasised how important it is to not only bolster and expand Gauteng’s global investment reach, but also ensure that the envisaged growth and development benefits the broader region and continent.
Ultimately the aim of the Gauteng Investment Conference is to demonstrate the investment opportunities in the province, foster collaboration and deliberate on the ease of doing business in the Gauteng City Region.
