“The mining industry is the bedrock of the North West economy and with it being hard hit by recession there was a backlog in the growth of the provincial economy.”
This was said by North West Premier, Maureen Modiselle today during her State of the Province Address in Mafikeng. The premier said although statistically the national recession period was over, the province would convene an indaba to determine whether the provincial economy was officially out of the recession.
Modiselle said an integrated economy recovery plan would be developed at the indaba which would be informed by the answers to the question of whether the province was out of a recession or not.
“Our economic growth remains challenged by infrastructure and investment backlogs, inappropriate growth skills, shifting investor patterns, small, medium and micro enterprises (SMME) unfriendly regulatory framework as well as the cost and competitiveness of business,” said Modiselle.
She said the province was pursuing a development zone based strategy for the manufacturing sector, which would reduce the dependency on the primary sectors of agriculture and mining.
“Our success in the development of the manufacturing sector depends on us ensuring that the mandates of development finance institutions are clear and truly developmental,” she said.
She said it had to also be ensured that their programmes contribute to decent work outcomes, achievement to developmental needs, sustainable livelihoods and accelerated SMME development.
She said the economy was inextricably linked with the capacity of small and medium enterprises to flourish as well as the ability to retain within an expansionary framework established businesses.
She highlighted that whilst we grow the small and medium enterprises we must nurture the big and established.
For more information, contact:
Kgotso Khumalo
Cell: 082 7288 400
Tel: 018 387 3456
E-mail: khumalok@nwpg.gov.za
Issued by: North West Provincial Government
25 February 2010
