Government-Business Partnership to Accelerate Economic Growth

Estimated read time 2 min read

By Samkele Mchunu

In a bid to bolster economic growth and address pressing socio-economic challenges, the South African government is forging a strategic partnership with the business sector.

Minister in the Presidency, Khumbudzo Ntshavheni, underscored the significance of this collaboration during a media briefing following a recent Cabinet meeting.

Ntshavheni emphasized that investing in businesses is pivotal for enhancing productivity and fostering job creation. The partnership aims to uplift the nation’s GDP, tackle unemployment, and rebuild confidence among investors and the public. Key focus areas include energy, transportation, logistics, and combating crime and corruption.

Acknowledging the progress achieved, Ntshavheni highlighted the substantial resources and skills investment facilitated through this partnership. Notable initiatives include the Resource Mobilisation Fund, which has raised approximately R100 million to support the implementation of the Energy Action Plan.

Additionally, efforts are underway to bolster the National Logistics Crisis Committee and the Joint Initiative on Crime and Corruption. Ntshavheni urged unity among South Africans and various economic sectors to forge a more resilient and inclusive economy that fosters job growth and a brighter future for all citizens.

In parallel, the Minister of Trade, Industry and Competition embarked on a visit to China to garner support for new investments in South African manufacturing, particularly in the auto value-chain. The trip involved engagements with leading electric vehicle (EV) producers, battery manufacturers, and key players in steel and energy sectors, along with South African companies operating in China.

Highlighting the historical ties between Africa and China, Ntshavheni emphasized the enduring partnership, with China emerging as one of Africa’s largest trading partners. Bilateral trade between South Africa and China reached an estimated $34 billion (R556 billion) in 2022, underlining the significance of strengthening economic cooperation between the two nations.

The government remains committed to fostering an enabling environment for sustainable economic growth, leveraging partnerships with the private sector and international allies to overcome challenges and unlock new opportunities for prosperity.

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