Pretoria - The Presidential Labour Working Group is expected to meet this week to discuss matters relating to the economy, as well as other socio-economic issues.
The meeting, which will be chaired by President Jacob Zuma on Tuesday, will bring together Deputy President Cyril Ramaphosa, Economic Cluster Ministers and the leadership of Cosatu, Fedusa and Nactu.
“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,” the Presidency said on Sunday.
It said re-igniting economic growth is the country's key priority at the moment.
The meeting follows the recent economic renewal report-back meeting by business to President Zuma on 9 May, which was also attended by labour.
In February, President Zuma tasked the Minister of Finance Pravin Gordhan and Chairman of Telkom and President of Business Unity South Africa Jabu Mabuza to lead a collaborative effort to strengthen short term confidence and reinforce long term growth.
The team, according to the Presidency, has made progress since then.
Among others, is the Small and Medium Enterprise Fund which 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 such as tourism and agriculture.
Recommendations on possible interventions have been compiled and are being canvassed with various departments, said the Presidency.
Supporting the work of the Inter-Ministerial Committee (IMC) on investment 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 which its 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.
President Zuma said following a progress report on 9 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,'' he added. - SAnews.gov.za
