Cyril Ramaphosa presents Free State investment initiatives

South African President Cyril Ramaphosa presented investment initiatives worth more than 120 billion rand in Qwaqwa on October 9. They include a YJC energy project and a planned Joylong electric-vehicle manufacturing operation.

The ceremony took place in Maluti-a-Phofung municipality in the Free State. In his official address, Ramaphosa described opportunities to develop industry, energy and the local economy. The figures concern proposed investments and projected outcomes.

The proposed YJC renewable-energy project represents approximately 100 billion rand in investment. Ramaphosa said it could potentially create 6,500 jobs. The government's advance announcement linked the investment programme to the green economy and energy transition.

The planned Joylong automotive manufacturing project involves about 5.5 billion rand. Authorities expect 1,500 direct jobs over five years and production of up to 8,000 electric vehicles annually.

The announced programme covers automotive assembly, electric mobility, components, energy systems, logistics, skills and local suppliers. The ceremony's hosts included the provincial leadership under MaQueen Letsoha-Mathae, the municipality and Chinese investors Joylong and YJC. Representatives from all 35 municipal wards were invited.