As President Cyril Ramaphosa addressed the nation during his State of the Nation Address on Thursday evening, he tapped into the issue that is affecting the majority of South Africans, many of whom are unemployed.
Ramaphosa stated that a stronger South Africa depends on a growing economy, saying an improved economy was the way to create jobs.
“For more than 15 years, our economy has experienced low growth. All our actions now are driven by the need for rapid and inclusive economic growth to create more jobs and better-quality jobs.
To give effect to the Medium Term Development Plan, the Cabinet has approved a comprehensive implementation plan to drive growth and inclusion.
“Through this plan, we are working to revive growth by creating the conditions for firms to invest by maintaining a clear and stable macroeconomic framework, investing in infrastructure that works, creating a conducive regulatory framework that supports growth and enables competition, and a focused and forward-looking industrial policy,” said Ramaphosa.
He also said that the foundation of the growth plan is investment, particularly in public infrastructure, as well as in labour-intensive growth sectors that are capable of future growth.
“These include the digital and the green economy, where young people will find employment opportunities. Infrastructure is much more than an investment in brick, mortar, concrete and steel.
“It ‘s an investment in jobs, productivity and growth. For many years, fixed investment has been declining. We are now changing that,” said the president.
Strengthening capacity for trade negotiations
Ramaphosa also pointed out that the government’s industrial policy focuses on areas where the country has a competitive advantage to create jobs.
“Our trade policy is aimed at promoting sustainable development, growth and strengthening our international partnerships.
“In a world where countries are looking to diversify their supply chains, we have an opportunity to ramp up our exports across the globe.
“We have a diverse economy, high-quality manufacturing facilities and strong regulatory frameworks.
“We are strengthening our capacity for trade negotiations and expanding our missions abroad to drive economic diplomacy.
“Amid the turmoil in the global economy, we are supporting our established industries in the face of strong headwinds,” he said.
The president also said that the move to revive the ferrochrome industry and to protect jobs in the steel, automotive and other sectors, which employ hundreds of thousands of South Africans in good-quality jobs, was one of the great milestones to achieve.
“We are working with businesses and workers to close loopholes in our tariff structure and develop additional measures to protect and grow our manufacturing base.
“As we protect jobs in vulnerable industries, we remain focused on sectors that will drive future growth. We know that we can create millions of quality jobs in sectors like agriculture, mining, services and the green economy,” he said.
