President Jacob Zuma will convene the Presidential Labour Working Group on Tuesday, 21 June 2016, for a discussion of matters relating to the economy as well other socio-economic issues.
The Presidential Labour Working Group which brings together the President, Deputy President, Economic Cluster Ministers and the leadership of COSATU, FEDUSA and NACTU follows the recent economic renewal report back meeting to the President on 9 May by business, which was also attended by Labour.
The Tuesday meeting is scheduled to reflect on the work being done by government, business and labour to reignite growth so that jobs can be saved and created in the country, given the difficult economic climate and other issues of interest to Labour and government.
Re-igniting economic growth is the country’s key priority at the moment. President Zuma tasked the Minister of Finance and Mr Jabu Mabuza, Chairman of Telkom and President of Business Unity South Africa, in February to lead a collaborative effort to strengthen short term confidence and reinforce long term growth.
The team has made progress in the following areas:
- A Small and Medium Enterprise Fund is being established, with over R1 billion already committed by companies. This is complemented by proposed mentoring that will be delivered by seasoned business leaders. The social investment of these business leaders will be of immense value to medium and small business owners accessing the funding. A structure has already been established to manage the fund.
- The task team has looked at various sectors that carry potential for faster economic growth and inclusive employment. Tourism and agriculture have been identified as sectors with potential to support the economy in the short term. Recommendations on possible interventions have been compiled and are being canvassed with various departments.
- Supporting the work of the inter-ministerial committee (IMC) on investment led by the President; options for co-investment are being explored. The aim is to leverage the strengths of the private sector both in terms of their expertise and balance sheets while strengthening state-owned companies.
- A Work stream on Youth Employment has been established. It main task is to identify measures that need to be taken to facilitate youth employment. The work stream has identified five areas it will focus on, including an audit of training and work opportunities in the private sector.
“Following a progress report to me on the 9th of May, work is being pursued to find ways to boost youth employment and to boost skills development. We have high expectations of this new work stream,’’ said President Zuma.
Enquiries:
Dr Bongani Ngqulunga
Cell: 082 308 9373
E-mail: bongani@presidency.gov.za
