Pretoria - Business has a key role to play in the development of the economy, providing opportunities and creating new jobs, says Minister in the Presidency, Jeff Radebe.
While South Africa is still confronted by the triple challenges of poverty, unemployment and inequality, which hinder progress, it is imperative that both government and business work together in order to stimulate significant economic growth in the country.
The sector is crucial in ensuring the country achieves the ambitious Gross Domestic Product rise from 17% to 30% by 2030.
The Minister, who is responsible for Planning, Monitoring and Evaluation and is the Chairperson of the National Planning Commission, said the more successful local businesses, the better the economic standing of South Africa in the world.
“Business is a vital partner in our efforts to develop a more dynamic, inclusive and prosperous South Africa. The nexus between government, civil society and business is what can propel us forward as a nation,” said Minister Radebe on Thursday.
He was speaking at the 15th edition of the Black Business Quarterly (BBQ) Awards at Emperors Palace on Thursday.
The BBQ Awards are known as South Africa's longest running economic transformation business awards which recognise and celebrate the champions of business transformation for their good corporate governance, leadership and esteemed business achievements.
Minister Radebe told the guests that government has introduced the Radical Economic Transformation as an intervention strategy to expedite economic growth and transformation.
“Our interventions are aimed at ensuring more rapid and sustainable growth, higher investment, increased employment and reduced inequality. There is a pressing need to address the spatial imbalances in economic opportunities in the business sector.”
Some of the key elements that are crucial in harnessing an integrated economic growth strategy include raising exports, improving skills development, lowering the costs of living for the poor, investing in a competitive infrastructure, reducing the regulatory burden on small businesses, facilitating private investment and improving the performance of the labour market.
“Active citizenry is one of the fundamental elements in bolstering economic growth and ensuring that we have a diversified economic landscape.”
The Minister encouraged stakeholders to contribute to the imperative of the transmission of skills by establishing training and mentorship programmes for the youth.
“We should create an enabling environment for young graduates to gain exposure to good corporate governance at very early stages of their careers.”- SAnews.gov.za
