South Africa's Ramaphosa seeks new investors as economy struggles

South African President Cyril Ramaphosa. The president is wooing foreign and local investors to save the economy from recession. [Photo: Reuters]

South African President Cyril Ramaphosa will seek billions of dollars of new spending pledges from foreign investors and local firms at an investment summit on Friday, as he seeks to haul the economy out of recession before next year’s election.

The former union leader wants $100 billion of new investments over the next five years and so far has secured pledges for around $35 billion, mainly from China, Saudi Arabia and the United Arab Emirates.