With South Africa attempting to attract billions of dollars in investment into its economy, President Cyril Ramaphosa on Friday said his administration is working hard in addressing all pressing challenges including regulatory barriers.

"Following thoroughgoing consultations with various role players in our economy, we have been addressing issues of policy uncertainty and regulatory obstacles that have impeded investments in a number of industries," Ramaphosa told over 1,000 delegates at the South African Investment Conference in Johannesburg.

The three-day conference, attended by representatives from both local and international businesses, is held under the theme "Accelerating Growth by Building Partnerships."

It aims to raise a total of 100 billion U.S. dollars from local and international investors in the next five years.

In a country with a 27.2 percent unemployment and stagnant economic growth, Ramaphosa's administration has been hard at work trying to revive the ailing economy since his election early this year.

"We understand that no meaningful growth and no significant job creation would be possible without a massive surge in productive investment in the economy," the president said.

Billions of rand in investment has been pledged since the campaign was announced in April.

Mining company Anglo American said it would invest 71.5 billion rand (about 4.89 billion dollars), which will go toward sustaining and extending mining operations and create more than 15,000 jobs in several provinces. This would be the largest investment within the mining sector in the country.

Mercedes-Benz said it would invest 10 billion rand (about 683.7 million dollars) into its East London, Eastern Cape plant that would assist in increasing the number of local suppliers.

Ramaphosa stressed that South African companies are at the forefront of investing in the economy.

"We invite you to invest in our mines and factories, farms and game parks, call centers and technology hubs, refineries and solar farms. We invite you to invest in our people, to harness their energy and unleash their latent capabilities," Ramaphosa said.

Bonang Mohale, CEO of Business Leadership South Africa, said the conference would restore lost confidence in the country's economy.

In an effort of promoting tourism and easing traveling problems, Home Affairs Minister Malusi Gigaba also said visa regulations with countries like China, Britain and India are on the verge of being amended.