SAB Invests R11.7 Billion In South Africa In Two Years With R5.8 Billion Projected To Be Spent In 2023
SAB Invests R11.7 Billion In South Africa In Two Years With R5.8 Billion Projected To Be Spent In 2023. The South African Breweries has announced a R5.8 billion commitment to investment in the South African economy in 2023. The brewer made the announcement during the 2023 South Africa Investment Conference (SAIC).
Richard Rivett-Carnac, SAB CEO, said, “We are once again proud to support President Ramaphosa’s investment drive and the SA Investment Conference. We have, for many years, proven our ability to drive economic growth and transformation in an inclusive manner. Through knock-on and multiplier effects, our R5.8 billion investment is anticipated to contribute billions to our GDP, which, alongside the other investment commitments tabled at the 2023 SAIC, will provide a significant boost to an economy sorely in need of stimulus.”
SAB’s R5.8 billion investment commitment follows its R5.9 billion commitment in 2022, which included an R925-million investment into its Prospecton Brewery and the R510-million into Ibhayi Brewery. The investment into Prospecton Brewery is anticipated to create 25 000 additional jobs while the Ibhayi Brewery investment is anticipated to create an additional 14 000 jobs throughout the beer value chain across South Africa.
Rivett-Carnac said: “Our commitment to invest a further R5.8 billion and our support of the conference demonstrates our belief that the ongoing work with government is creating a conducive operating environment that allows for investments and facilitates the future growth of businesses. We are positive about the future of the country and are making further investments because of the potential in South Africa. We are also very aware of the challenges that the country currently faces. We cannot talk about a sustainable business environment without addressing the impact that energy, transport, safety and security and water shortages have on our productivity, said Rivett-Carnac. We are encouraged by and supportive of the work government and the dialogue with government is doing to address the energy and resource challenges, but given where we are more work needs to be done and we will support initiatives that help to maintain the continuity of operations, prevent losses, and support economic growth.”
In conclusion, Rivett-Carnac said, “Our big dream for South Africa is to support GDP growth, create jobs, and contribute meaningfully to society. Our investments in 2023 will help us reach that dream. We remain optimistic about South Africa’s potential and are committed to playing our part in stimulating a much-needed recovery and creating a future with more cheers.”
