Last year, we announced our objective to raise $100 million – or R1.2 trillion – in new investments over five years with a view to addressing low economic growth and reducing unemployment.
I am pleased to see so many of you here from our own country, as well as from as many as 22 other countries outside the shores of South Africa. Despite significant progress over the last 25 years, the legacy of our divided past has left many of our people without skills, without assets and without jobs.In navigating our way from the horrible past of apartheid misrule into a democratic future, we have made mistakes along the way.
And it was through this collaboration that we identified several major issues we must address to achieve the economic recovery that we all seek. As a government, and as a country, we are clear about what we need to do, and we are marshalling our every resource and our every capability to do it.We have embarked on a path that is illuminated by policy consistency and regulatory certainty, fiscal responsibility, and decisive interventions to stimulate economic activity.
This will lead to the giant retailers in our economy increasing local procurement, investment and job creation.We have identified special economic zones as platforms that can attract investors and enhance economic growth. A partnership between the Department of Trade and Industry, Gauteng Provincial Government, the City of Tshwane and the Ford Motor Company of Southern Africa, this automotive SEZ underlines the value of strategic collaboration in the revival of our economy.
A few weeks ago we launched the Mara mobile phone factory in the Dube Port SEZ in KwaZulu-Natal following the commitment that the Mara company made here at last year’s conference.Rapid industrialisation is critical if we are to reap the benefits of the African Continental Free Trade Area , which entered its implementation phase in July this year.The Continental Free Trade Area will improve access to existing markets and lead to the creation of new ones.
To generate the funding needed for our infrastructure build programme, we have set up an Infrastructure Fund, which is being incubated by the Development Bank of Southern Africa. Steadily but surely, we are making South Africa a more competitive destination for investment by reducing the cost, and improving the ease, of doing business.
We have initiated the release of the high-demand broadband spectrum, which will bring down data costs and encourage investment.As part of attracting skilled professionals and growing tourism, we have prioritised immigration reform and changes to the visa regime. We are taking several measures to reduce public spending, eliminate wastage and direct resources to where they will have the greatest impact on long-term growth and poverty alleviation.
We have set out a clear process, with timelines, for the restructuring of the power utility, Eskom, into three separate entities for transmission, generation and distribution. The North West with the world’s largest platinum reserves has great potential for a mining SEZ; the Free State with its abundant maize, wheat and livestock production; and the Western Cape, a tourist mecca whose wines are renowned around the world.
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