interventions
16 September 2007
Invest North West has been allocated an additional R5,2 million to promote
investment and trade in the province. The provincial government availed these
funds to ensure that the parastatal has the necessary resources to position the
North West as an investment destination.
This will ascertain that investments and many other economic development
activities is geared towards achieving government's drive of promoting small
businesses and job creation, among others. It therefore becomes important that
Invest North West create and strengthen partnerships with the investors within
the context of promoting the second economy. Government has already mounted
interventions to promote the growth and development of the first economy, thus
increasing the possibility of creating jobs and eradicating poverty. In this
regard, the province has supported flagship industries such as mining, farming
and tourism.
This therefore ensured that after a decade of an average growth rate below 3
percent, the pace of economic growth accelerates to 5,1 percent in 2005 â among
the highest growth rates achieved by provinces in that year. As a result, the
official unemployment rate declined from 28 percent to 27,4 percent in 2005.
Mining, which is one of the key economic sectors in the province, increased its
dominance from 20,1 percent in 1996 to 24,7 percent share of the economy in
2005 and 23,4 percent share in the labour market.
The provincial government notes that the 2010 Fifa World Cup will bring
economic opportunities in terms of job creation and business activities. The
Rustenburg Municipality, which is the host city for this spectacular event,
will surely respond positively to rapid developments taking place in that
area.
This event will also play a major role in accelerating the interventions of
the second economy by creating jobs in different sectors while ensuring a
tourism boom in the province. The provincial government is confident that there
will be more business and job opportunities also in the hospitality sector,
which will also benefit emerging bed and breakfast places (B&Bs). North
West Premier, Edna Molewa, noted that there were 'rising stars' in the
province's second economy. She cited small companies such as the Catfish
Supreme and Sumba Foundry Engineering as having export potential.
The two received awards from the Invest North West as rising stars poised
for breakthrough in the international business arena. These companies are the
embodiment of what the government envisages from small enterprises in the
second economy.
Catfish Supreme is a fish farming and processing company which has been
operating for ten years. The company already has a captive market in Asia and
therefore requires expansion to service the export market. Sumba Foundry
Engineering casts aluminium parts for mining and automotive industries.
Molewa expressed confidence that these companies were destined for the
export market. "These are our rising stars in the second economy, which we hope
in a very short space of time, will no longer be called the previously
disadvantaged. We hope that they will zoom in the first economy," she said. She
urged all other small enterprises in the province to work hard for the
realisation of their dreams.
In this regard, it should be noted that the provincial government will
continue to implement the Broad Based Black Economic Empowerment (BBBEE) policy
for the advancement of emerging and small businesses, including those owned by
women, youth and people with disabilities.
Enquiries:
Cornelius Tanana Monama
Tel: 018 387 3456
Cell: 082 578 4063
Issued by: North West Provincial Government
16 September 2007
