Cassava
Technologies has pledged a total of R4.5 billion in investment in South Africa
through its business units- Liquid Intelligence, Africa Data Centres, and
Distributed Power Africa.
The announcement was
made during the fifth South Africa Investment Conference (SAIC) in support of
SA President Cyril Ramaphosa’s initiative to drive investment into the country.
Through this
investment, Cassava, which has operations in Africa, the Middle East, Europe,
the USA, and Latin America, will continue to bring internationally recognised
services and products to South Africa through the group's renewable energy,
cloud & cyber security, data centres and broadband connectivity business
units.
South Africa accounts for the largest proportion
of Africa's industrial GDP with a sophisticated and growing ICT sector. The
country's unique combination of highly developed first-world economic
infrastructure and a stable macro-economic environment affords businesses like
ours a conducive investment environment in which we can partner with government
to drive economic development and create jobs" stated Hardy Pemhiwa,
President & Group CEO of Cassava Technologies.
Cassava's investment pledge comprises key
projects, including the expansion of the Liquid Intelligent Technologies fibre
network, the extension of Africa Data Centres capacity and footprint, enhanced
cloud and cyber security capacity, and the rollout of clean, renewable energy
by Distributed Power Africa in South Africa.
South Africa's USD$ 6.75 billion ICT sector
represents one of Africa's most investment-attractive and growth-bound
industries today. The world bank estimates that South Africa's internet
penetration rate has doubled over the last decade, standing at 70%. While the
Independent Communications Authority of South Africa reports that the national
population coverage for 4G/LTE was at 97.7% in 2021, placing the nation years
ahead of its peers in sub-Saharan Africa.
Cassava's investments will contribute towards
positioning South Africa as an attractive investment destination and enable
greater inclusion of all South Africans consistent with Cassava's vision of a
digitally connected future that leaves no African behind.
