South Africa’s capital, Pretoria, has secured investment commitments worth R86 billion aimed at upgrading the city, enhancing economic growth, and creating jobs. Among these pledges, R16 billion is earmarked for projects across various industries, including the automotive sector, as announced by Mayor Nasiphi Moya during an investment summit last Wednesday.
In addition to the automotive investments, another R70 billion has been promised for infrastructure, aviation, and renewable energy projects, with R6.8 billion already allocated to active initiatives. These commitments are coming from a variety of local companies operating within these sectors.
Mayor Moya emphasized the need for financial honesty, stating that the city’s capital budget has not kept pace with the scale of development required. She noted that, at the current rate of investment, it would take 36 years to fund the infrastructure needed over the next decade, highlighting the challenges of relying solely on public funding to close this gap.
The City of Tshwane, situated in Gauteng, is South Africa’s second-largest economy, following Johannesburg. It is home to manufacturing plants for major automotive brands like Ford and BMW.
This investment summit follows a similar event held in Gauteng in April, which attracted R312 billion in pledges for 170 bankable projects. According to Lebogang Maile, member of the executive council for finance and economic development in Gauteng, eleven out of sixty pledges have already transformed into actual projects, representing R53 billion.