Pretoria - Cabinet has approved the implementation of the three-year Industrial Policy Action Plan (IPAP) which will help alter the structure of the economy to support decent work and sustainable livelihoods.
In its meeting on Wednesday, Cabinet approved the implementation of the 2010/11 - 2012/13 IPAP for the period 2010 to 2013, said Government spokesperson Themba Maseko on Friday.
"The new IPAP expands the first plan with more focus on scaling up the industrial policy interventions to alter the structure of the economy that supports decent work and sustainable livelihood," Maseko said.
He said the plan will be reviewed annually to ensure that its objectives are met.
Progress reports on the implementation of IPAP will be submitted to Cabinet every six months, Maseko said.
Last year, Minister of Trade and Industry, Rob Davies said the new plan would have a "higher impact" than the one that already exists, adding that it would be an improvement on the current plan.
The current plan focuses on unlocking South African industrial development in a sustainable manner by identifying strategic industrial interventions.
It ensures the fast track implementation of development in the four lead sectors of the South African economy namely capital/transport equipment and metals; automotives and components; chemicals, plastic fabrication and pharmaceuticals; and forestry, pulp and paper, and furniture. -
