of the Standard Bank, Kimberley branch, Kimberley
28 February 2007
Programme Director
MECs present
Standard Bank Provincial Director, Mr Kgalaletso Tlhoaele
Business and community leaders
Distinguished guests
Ladies and gentlemen
I am delighted to be here today to reaffirm the government's commitment to
the success of the banking and financial sector in serving communities in every
part of the country. This obviously supports Standard Bank's vision of being a
leading bank in South Africa.
Today, the people of the Northern Cape province have every reason to be
joyful as they celebrate this important occasion, the opening of the new
Kimberley Standard Bank branch, thus providing an invaluable banking service to
the general public.
The opening of the new Standard Bank Kimberley branch highlights another
milestone in the development of our banking and financial system. This is a
clear sign of the confidence the banking sector has in the people of the
Northern Cape and the provincial economy.
A new branch signals confidence in the future and is a key element in
revitalisation, enhancing access to capital for local businesses and promoting
long term economic development, fostering job creation and promoting community
stabilisation and revitalisation.
This will undoubtedly increase access to banking and financial services for
a wider section of our communities. The banking sector is a key component to
unlocking opportunities and empowers people to play a significant role in the
economic activities of our province and country. It is vital that this role be
recognised and allowed to flourish.
We pledge our continued commitment to build and uphold a long term
harmonious relationship with financial institutions and all stakeholders to
maintain a sound, safe and stable financial sector.
Ladies and gentlemen
The Northern Cape province is experiencing positive economic developments
and is currently enjoying the most favourable and stable economic conditions.
We continue to experience improved economic activity with increased confidence
by the business community in the government's macroeconomic management. The
economic conditions are conducive and future prospects continue to look
positive in the Northern Cape province.
To sustain an impressive economic performance we must pay attention to the
conditions and structural changes that are necessary to support current and
future economic growth. The fact is the current growth is based on the current
commodity boom as well as positive consumer sentiment, both of which can be
transitory.
We are now at that critical juncture that requires us to take key decisions
to prepare the ground for quality growth that is sustainable.
We believe that Standard Bank is central and active on a number of fronts in
regard to supporting enterprises, dispensing financial support and incentives
and continually seek to promote competitiveness of our industries. It is also
crucial that as government we continue to strengthen our partnership with you
through our empowerment initiatives and influence the environment for our
enterprises through the work we do.
Indeed considerable challenges remain not least is continuing unemployment
and underdevelopment, thus our focus should be on unlocking the potential thus
far demonstrated in the past by addressing some of the main constraints to
growth. In this regard, Standard Bank has been central in the formulation of
our Provincial Growth and Development Strategy (PGDS).
We are encouraged by the progress that has been made by Standard Bank to
address our Black Economic Empowerment (BEE) challenges which includes deals in
sectors like women and the previously disadvantaged people of our communities.
All of this underscores the urgency which we will attach to concluding the work
of the codes of good practice.
During the State of the Province address (SOPA) on the 15 February 2007, I
indicated that the province is working hard to achieve our targeted 6% economic
growth for the province and the country. We have within the context of the
Accelerated and Shared Growth Initiative for South Africa (AsgiSA) as well as
the Northern Cape Provincial Growth and Development Strategy (PGDS), identified
specific strategic interventions to focus on in our province, which are
infrastructure development, education and skills development, the development
of the second economy and science and technology.
As is now well known, AsgiSA is a growth strategy involving targeted
interventions to overcome key constraints in the macro-economic environment,
infrastructure and logistics provision, in skilled labour availability, in the
competitive environment and cost structure of the economy as well as in the
regulatory environment and in the institutional capacity of government to
deliver.
I therefore encourage you all to continue to engage in various economic
activities and urge you to utilise the various financial services provided by
the financial institutions such as this Standard Bank branch.
We must, therefore, ensure that at this positive juncture opportunities are
created for real increases in public and private sector expenditure to build
the foundation for sustainable investment and growth.
Our financial system is sound and healthy and it is the role of the licensed
financial institutions to support business financing propositions to enhance
economic activity. The biggest challenge for the banking sector is how to
provide banking services to the rural communities where such services are few
or non existent.
On behalf of the provincial government, I would like to thank the management
of Standard Bank, employees and investors on the opening of the new Kimberley
branch and look forward to its future plans to expand.
I thank you!
Issued by: Office of the Premier, Northern Cape Provincial Government
28 February 2007
