President Jacob Zuma today, 9 February 2016, met with major investors to the South African economy and CEOs of big companies in Cape Town to discuss ways in which government and the business sector can work together to bring about the growth of the economy and to create jobs.
The meeting follows a successful working visit to the World Economic Forum (WEF) in Davos, Switzerland by Team South Africa, which comprised of Cabinet Ministers and South African business executives under the leadership of President Zuma.
Business leadership commended President Zuma for convening the meeting and a preparatory meeting with business prior to the visit to Davos. It was agreed that the meeting today had opened channels of communication between government and the business sector and will improve trust and confidence going forward.
The meeting discussed practical steps that should be taken by both government and business to address the immediate challenge of an adverse economic environment. Concrete proposals were also discussed on actions to be taken to grow the economy and create jobs, especially to reduce youth unemployment.
There were also proposals on steps to be taken to prevent the sovereign downgrade; develop small and medium enterprises; and to strengthen public-private partnerships in certain areas of the economy. The meeting also discussed the challenges caused by draught in the agricultural sector and specific proposals were made to mitigate the impact of drought, especially on poor people.
The meeting further discussed actions that should be taken to promote investment in the South African economy. Government presented to business its Invest SA strategy, which includes the establishment of a One Stop Shop for investment, which is an intergovernmental agency located at the Department of Trade and Industry that will facilitate investment in the country.
“We agreed that a joint task team of business and government, led by Finance Minister Pravin Gordhan and Business Unity South Africa’s Jabu Mabuza be established to process the proposals and decisions made in this meeting and to propose actions on how they can be implemented. The joint task team is temporary and will make its recommendations in May this year,” said President.
Enquiries:
Bongani Majola
Cell: 082 339 1993
E-mail: bonganim@presidency.gov.za
