Delivering a key note address in Durban last night, MEC for Finance, Ms Ina Cronjé welcomed an historic occasion that marked a beginning of close ties between Muslim business and young entrepreneurs under the Young Business Society banner.
Cronjé was representing MEC for Economic Development and Tourism who was invited to witness the signing of the memorandum of understanding between the President of the Young Business Society, Mr Phumlani Mfeka and the President of Minara Chamber of Commerce, Mr Solly Suleman.
The signing ceremony was marked by positive comments and appreciation in the form of awards given to the national Department of Public Enterprises, KwaZulu-Natal Department of Economic Development and Tourism, KwaZulu-Natal Department of Health and the eThekwini municipality which was represented by Deputy Mayor, Mr Logie Naidoo, for their role in the economic development and support to the two organisations by the two presidents.
Cronjé said that: “We are delighted to be part of this gathering. Not only because a workable and mutually beneficial partnership will be struck between the Young Business Society and the Minara Chamber of Commerce but the agreement also lays a foundation for the future growth and development of our economy”.
“The Minara Chamber of Commerce brings a wealth of wisdom, expertise and opportunities - and together with the Young Business Society’s helping hand to support young businesses - the economic growth in our province and country will go from strength to strength. The power of excellent mentorship is invaluable” said Cronjé.
She said government cherishes the view that our youth must play an active role in carving a bright future for our country.
“According to Statistics South Africa’s mid-year population estimates, people who are mostly regarded as youth (between 15 and 39 years of age), make up more than a third of provincial population at 3 655 600. This represents the core of the highly economic active segment of our population, the people who make the economic wheels turn. Despite these numbers we still feel that the contribution made to our economic growth by this group is disproportionately low. A number of reasons have been cited for this, including a lack of skills, the legacy of our apartheid past; a lack of access to resources, such as finance, lack of mentorship and lack of drive and innovation.”
She further said it concerns the provincial government that the 2008 Global Entrepreneurship Monitor (GEM) report asserts that South Africa is performing below potential in its entrepreneurial activities. According to the GEM data, a country at South Africa’s stage of economic development would be expected to have a TEA (early stage entrepreneurship) rate in the order of 13 percent, almost double South Africa’s actual rate of 7,8 percent.
When we add the increase of discouraged work seekers, the result of job losses during the recession and the fact that our financial literacy rate is at a very low level, it is clear that partnerships are crucial to improve the lives of all South Africans.
Suleman said: “Minara Chamber of Commerce was initiated ten years ago in order to harness the resources both human and financial of the Muslim community to uplift and empower all communities. Signing of the memorandum of understanding between these two progressive organisations, between the young and the old, builds bridges to ensure that this country takes its rightful role in influencing global change.”
Mfeka said: “This distinction set by the Muslim community I believe needs us to understand and learn from so that we can be able to harness entrepreneurs to become remarkable business leaders that will drive sustainable development. I urge all business people, young or old, established and aspiring to work together.”
“Economic progress without social development is not sustainable whilst social development without economic progress is not feasible. Investing in young entrepreneurs and championing their empowerment guarantees a prosperous future that will not be riddled with corrupt practices that ultimately impedes our economic development” said Mfeka.
For more information, contact:
Musa Cebisa
Cell: 071 687 8777
Issued by: Provincial Treasury, KwaZulu-Natal Provincial Government
11 February 2010
