Following a successful Provincial Investment Conference (PIC) in 2022 that saw a R46 billion worth of investment announced, the Eastern Cape Provincial Government (ECPG) together with its social partners hosted the 3rd Provincial Investment Conference yesterday at the East London ICC.

In his keynote address, the Premier highlighted the progress made in implementing the R46 billion in investment declarations and announced 18 new investors that are bringing investments to the value of R127 billion to the province.

"Since 2019, we have attracted investments to the total value of R217 billion into our provincial economy. It is an unprecedented investment windfall that has set our province on a positive growth path. Through the operationalization of these investments, our province has recorded a consistent decline in the unemployment rate from 47.9 % in the fourth quarter of 2020 to 39.7 % in the second quarter of 2023. Credit for this decline in the unemployment rate should go to all the investors who have chosen our province as an investment destination of choice. Two days ago, STATS SA released new provincial GDP figures for 2022. In that report, our province recorded an economic growth rate of 2.1 % the third highest in the country after the Western Cape and Gauteng. Even in 2021, our province recorded a growth rate of 4.9 %. This is a consistent positive trajectory of our provincial economy" said Premier Mabuyane.

The sectors that will be receiving a boost through these investments are the following:

- Renewable Energy sector - four companies declared investments with a combined value of R108,9 billion

- Oil, Gas, Tourism, Film and Healthcare sectors - four companies declared investments with a combined value of R14 billion.

- Property sector - two companies declared investments with a combined value of R209 million.

- Information, Communication and Technology (ICT) sector - three companies declared investments with a combined value of R809 million.

- Manufacturing sector - five companies declared investments with a combined value of R3,850 billion.

Their contribution will expand economic growth and job creation that will benefit both young and old people who are yearning for job opportunities in the province. The Eastern Cape Government committed to ensure that these 18 investors will enjoy a profitable stay in the province through investor aftercare support programmes.