held at Fancourt, George
11 November 2007
Government presented an overview of the South African socio-economic
structure and ongoing changes. The presentations focused discussions on
increasing the rate of growth and development of the South African economy, and
how to deploy local and foreign direct investment to achieve these
objectives.
Presentations included progress on the Accelerated and Shared Growth
Initiative for South Africa (AsgiSA), the Joint Initiative on Priority Skills
(Jipsa), implementation of the Industrial Policy Action Plan, global economic
trends and their implications on South Africa.
Council members expressed satisfaction in the unprecedented performance of
the South African economy, continuous improvement in the regulatory environment
and infrastructure development.
They noted that the skills challenge is a worldwide phenomenon; especially
as regards to technical skills such as engineering. This required concerted
long term remedial policy measures to attain a sustainable growth trajectory.
It is in this context that Council members reiterated their support for AsgiSA
and Jipsa.
The Council also noted the impact of international "sub-prime financial
crisis" on the South African financial sector and economy, the impact of strong
economic growth in Asia, Middle East, Russia, Africa, Latin America and
constant pressure in infrastructure, capital goods and intermediate goods.
In this regard, it was important to market lead economic sectors to attract
investment. This is an urgent task since investors throughout the world are in
constant search for investment opportunities. To this end, South African
embassies and high commissions are integral in conducting economic
diplomacy.
Council members also noted progress in the Jobs for Growth programme and
emphasised the need for government to work on measures of drawing large numbers
of young people into the labour market.
The Council was satisfied with preparations for the 2010 Federation of
International Football Association (FIFA) World Cup. For its part, government
undertook to keep the Council and the media informed about developments in
preparations.
The Council was equally satisfied that key strategies and plans to achieve
accelerated and shared economic growth were firmly in place. If effectively
implemented, these plans would deliver government's economic and social
targets.
Finally, Council members expressed confidence in the South African economy
and the leadership of President Thabo Mbeki.
The International Investment Council members who attended are:
Mr R Tata of Tata Sons Ltd
Dr M Kolhaussen of Commerzbank
Mr J Schrempp of Daimler Chrysler
Mr P Barnevik of Astra Zeneca
Mr M Miyaji of Mitsubishi
Mr S Jonah of Anglo Gold Ashanti
Mr Roger Agnelli of Companhia Vale do Rio
Ms A Lauvergeon of Areva Group
Mr F Savage of Savage holdings
Mr V Vekselberg of Renova
Mr T O'Reilly of Independent Group
The government delegation included:
The President of the Republic of South Africa, Mr Thabo Mbeki
The Deputy President of the Republic of South Africa, Phumzile
Mlambo-Ngcuka
Minister in The Presidency
Minister of Trade and Industry
Minister of Finance
Minister for Public Enterprises
Minister for Agriculture and Land Affairs
Minister of Minerals and Energy
Minister of Transport
Deputy Minister of Foreign Affairs
Deputy Minister of Trade and Industry
Deputy Minister of Finance
Enquiries:
Mukoni Ratshitanga
Cell: 082 300 3447
Issued by: The Presidency
11 November 2007
Source: The Presidency (http://www.thepresidency.gov.za)
