Cassava Technologies has committed to investing R4.5 billion in South Africa through its business segments Liquid Intelligent Technologies, Africa Data Centres, and Distributed Power Africa.
The news came during the fifth South Africa Investment Conference (SAIC), which was held in support of SA President Cyril Ramaphosa’s initiative to increase investment in the country.
Cassava, which has operations in Africa, the Middle East, Europe, the United States, and Latin America, will use this investment to bring internationally recognized services and products to South Africa via the group’s renewable energy, cloud and cyber security, data centers, and broadband connectivity business units.
“With a sophisticated and expanding ICT sector, South Africa accounts for the largest proportion of Africa’s industrial GDP.” “The country’s unique combination of highly developed first-world economic infrastructure and a stable macroeconomic environment provides businesses like ours with a conducive investment environment in which we can partner with government to drive economic development and create jobs,” said Hardy Pemhiwa, President and Group CEO of Cassava Technologies.
Cassava’s investment pledge includes key projects such as the expansion of the Liquid Intelligent Technologies fiber network, the expansion of Africa Data Centres’ capacity and footprint, enhanced cloud and cyber security capacity, and Distributed Power Africa’s rollout of clean, renewable energy in South Africa.
South Africa’s USD$ 6.75 billion ICT sector is currently one of Africa’s most desirable for investment and growth. According to the World Bank, internet penetration in South Africa has more than doubled in the last decade, reaching 70%. According to the Independent Communications Authority of South Africa, nationwide population coverage for 4G/LTE will be 97.7% in 2021, putting the country years ahead of its rivals in Sub-Saharan Africa.
Cassava’s investments will help to position South Africa as an attractive investment location, as well as enabling greater inclusion of all South Africans, in line with Cassava’s vision of a digitally linked future in which no African is left behind.
