Advertise with fastmoving.co.za
 
 

Rob Davies
Rob Davies

Rob Davies launches the latest industrial action plan

ECONOMIC NEWS

By Mark Allix - May 10th 2017, 08:48

Radical economic transformation is about giving black people participation in industrial economy, says minister. 

The ninth iteration of the industrial action plan (Ipap) that Trade and Industry Minister Rob Davies launched on Monday is an action plan and an effort to promote domestic and regional industrialisation.

Davies said the plan was to build a less concentrated, more competitive economic and manufacturing framework within the context of a volatile global economy. That included implementing as-yet undisclosed incentive programmes in downstream steel-making and agro-processing.

"Ipap … must contribute to radical economic transformation," Davies said. This meant bringing about radical change in the structure of SA’s economy, by reducing dependence on the country’s exports of commodities and import of goods.

He said South African manufacturing had regressed over the past few decades. The economy needed to be more inclusive. That meant giving black people ownership, leadership and general participation in the country’s "industrial economy".

Radical economic transformation meant "putting coherent initiatives together that can begin to shift the productive base of our economy away from the inherited colonial division of labour and create decent sustainable jobs" — particularly for the most marginalised and vulnerable groups.

"It means unequivocal and urgent support for programmes such as the black industrialists programme … to ensure that ownership, management and control of the economy is increasingly in the hands of black people."

Davies said unless SA took the necessary steps towards such structural change and secured much higher levels of investment, radical economic transformation might "become a hollow phrase and a moveable feast for any manner of ill-considered economic recipes".

"Radical economic transformation is essential. But it is not about quick fixes and big bangs. It is hard, painstaking work. It needs pragmatism. It requires dialogue. It requires policy certainty and programme alignment. It requires a collaborative effort with the private sector," he said.

Davies said the government would support 100 black industrialists by the start of the next financial year in April 2018.

 

Related News

Contraction in economy looms in the first quarter
17/05/2019 - 09:16
Weak performances in the retail, mining and manufacturing sectors, which bore the brunt of the most severe power cuts the country has experienced yet, indicates that the economy contracted in the first quarter of the year.

Retail sector barely budged in March
16/05/2019 - 09:54
Consumers were under pressure in March with a 74c/l hike in the petrol price and slightly higher inflation.

Load-shedding knocks mining and manufacturing in the first quarter
13/05/2019 - 09:36
Despite a better performance in March, both sectors recorded contractions in the first quarter of the year - with production severely constrained by load-shedding.

SA retailers seek post-election boost as belts tighten
10/05/2019 - 11:02
Londani Nemaguvhuni’s Sunday trip to the Mall of Africa north of Johannesburg is a finely balanced operation. The 29-year-old has to provide for his young son but also needs to cut costs.

How e-tailers can survive the slow economy
10/05/2019 - 10:18
Talk of a looming global recession continues to impact emerging markets. And, as South Africa continues its longest downward cycle in many decades, local business owners are actively looking for ways to shore up ahead of future uncertainty.