Ramaphosa Launches SA's 4th Investment Conference; Fuel Price Measures Under Consideration

LOCAL NEWS

• Ramaphosa says he remains confident that SA will reach its R1.2tn investment target as the fourth investment conference kicks off this morning. This year’s discussions will be focused on intra-african trade and highlight the importance of the African free continental trade area.
  • SA has reached 64% of its investment target and says it hopes to complete it by the fifth year. 45/157 projects have been completed & 57 are under construction with R314bn (40.6%) of the committed investment pledges have been expended – SABC
• Energy Min Mantashe says he is “enthused” by the prospect of gas discoveries in SA , which will attract investment in SA. Says the gas industry will support SA’s energy transition in a big way and that domestic gas resources will eliminate the need for imports.
  • Nevertheless, drilling operations have been fiercely boycotted by SA residents – forcing Shell to abandon its exploration efforts last year – Fin24
• Government aims for fuel price relief by April/May, according to Finmin Godongwana. Says temporary measures will be announced in the next few weeks with suspension of taxes and the fuel levy under consideration.
  • Mantashe also said SA was looking to use its strategic oil reserves (10m bbls of crude oil). Mantashe said a longer-term review of the fuel price would be undertaken to ensure it was competitive – BusinessDay
• Zuma’s financial woes are set to worsen as the state attorney calls for his R18.2m legal bill plus interest, just weeks before his corruption trial is set to begin – News24