Deputy President Paul Mashatile has reiterated the government’s commitment to building an inclusive economy.
He has assured the English that the government of national unity (GNU) is working around the clock to make this a reality.
The country’s second-in-command was speaking on Monday at the Bloomberg roundtable discussion in London during his second leg of a weeklong working visit, which kicked off today.
Mashatile is in the United Kingdom to engage with leaders with the hope of improving trade and investment relations between the two nations, following a successful visit to Ireland.
Cementing trade ties
“My delegation and I are here in the United Kingdom to build on the outcomes of the state visit by President Cyril Ramaphosa in 2022, with a specific focus on how we can work together to ensure inclusive economic growth, address and respond to climate change challenges and the Just Transition, and ensure a balance and increase of trade between our two countries,” he told the attendees.
Top of the agenda, he said, is advancing inclusive and sustainable economic growth, addressing poverty and the high cost of living, and strengthening bilateral partnerships in several sectors.
These sectors include trade, investment, skills development, science, innovation, tourism, and the Just Energy Transition.
“All of these major sectors aim to advance the GNU’s strategic priorities of achieving sustainable economic growth, alleviating poverty and the high cost of living, and developing an ethical, capable developmental state.
“Our people voted for us to collaborate to achieve their goal of creating better employment opportunities and equal economic growth in all facets of society.
“The GNU is the best tactical option for us to move the country ahead, putting our differences aside for the benefit of our great nation,” he said.
Conducive environment for businesses
He assured those who have business interests in South Africa and potential investors that the GNU is working together to create a conducive environment for businesses to strive.
“As the new government, we will continue to hold the United Kingdom in a special place in our hearts, not only due to our historical ties but also because of the immense potential for collaboration and growth that exists between our two countries.”
By fostering stronger trade and investment relationships, he said the state aims to create a “win-win” situation for both nations that will bring economic prosperity and stability.
He acknowledged that both countries are facing various challenges impacting stagnant economic growth affected by the Covid-19 pandemic, the energy crisis, and the Russia-Ukraine war.
“South Africa is committed to reviving our economy, and in this regard, we have made notable progress in terms of economic growth and development.”
He urged UK businesses to deepen their investment ties with South Africa as the country works around the clock to revive its economy.
“We assure the investors that investments in South Africa are secure. Our business environment is stable, as is the political environment, and this supports policy certainty and regulatory safeguards.”
He told them that the government is boosting its investment in electricity generation and drawing up plans that are now being implemented to allow more private participation in the country’s freight-rail network and reform its byzantine work permit regime.
Fostering a mutually beneficial relationship
According to Mashatile, measures are in place to deal with load shedding, which have already shown results.
“As a country, we are also looking at expanding our investment in the United Kingdom because we consider you to be a major economic powerhouse with a diverse and dynamic market that offers numerous opportunities for our businesses to expand and thrive.”
He is of the view that enhancing investment relationships with the United Kingdom will open new sources of funding and expertise that can support key sectors of our economy, such as infrastructure, manufacturing, and technology.
“By working together, we can leverage each other’s strengths and resources to promote economic growth, create job opportunities, and improve the standard of living for all our citizens.
“We are committed to fostering a strong and mutually beneficial relationship with the United Kingdom government, based on shared values of democracy, freedom, and economic prosperity,” he added. – SAnews.gov.za
