– Cooperation among government, labour and business yielding results, Zuma.
– We have responded to the crisis by introducing the nine-point plan to boost growth and employment, within the framework of the NDP.
Cooperation among government, labour and business yielding results, Zuma.
South African President Jacob Zuma on Monday night said the collaboration between government, labour and the business sector to rescue the country from possible downgrade and to stabilize the economy is starting to bear fruit.
At a press briefing, Zuma said, “In February… I convened a meeting of chief executive officers of major companies and captains of industry to discuss ways in which we can work together to reignite economic growth and create jobs.”
“I mandated the minister of finance to lead a process of engaging with the private sector in particular to map out a strategy to the goal of growing the economy.
“Leaders from labour and business joined the minister of finance on a roadshow abroad early this year to promote the country and prevent a possible credit ratings downgrade. The hard work is paying off, and we saw the evidence this weekend with the announcement by Moody’s.”
Zuma stressed that Moody’s had admitted that the country was at a turning point following years of pathetic economic growth. He ascribed that to the collective efforts of all the stakeholders involved.
He said in spite of the fact the economy was displaying some signals of upturn, the level of economic growth have been much weaker than earlier expected.
“Part of this is due to the challenging global economic environment. At the same time, we recognise as government that there are also some domestic constraints that we must attend to,” stated Zuma.
Meanwhile Zuma acknowledged the National Development Plan (NDP) as a major driver of structural reforms that should be executed to create an enabling environment for job creation and inclusive growth to address the triple challenges of poverty, inequality and unemployment.
He said government had translated the NDP into an implementable programme, the medium-term strategic framework, which sets out government goals and priorities from the NDP over five years.
“We have responded to the crisis by introducing the nine-point plan to boost growth and employment, within the framework of the NDP.”
The plan centers on energy, infrastructure development, agriculture and agro-processing, mineral beneficiation, a higher-impact industrial policy action plan, small business development and reassuring private sector investment amongst others.
“In the last year, substantial progress has been made in these areas… However, faster and more successful outcomes will be achieved when we work together pursuing common goals as government, business, labour and civil society.
“That is why we are pleased that we are working together more than ever before, as the various sectors. This is truly a very positive development for our country,” Zuma concluded.