Gauteng premier Panyaza Lesufi delivered his final State of the Province Address under the sixth administration at the Nasrec Expo Centre on Monday evening, highlighting the province’s robust economic performance and outlining plans for future growth.
According to Lesufi, Gauteng’s economy has outperformed other provinces significantly, surpassing the combined economies of the Western Cape, KwaZulu-Natal, and Limpopo.
He said during the past year, Gauteng added over 449 000 jobs to the economy, with a recent surge of 96 300 jobs, including 31 300 jobs in the last 90 days alone.
The premier also announced that the province’s economy was firmly back on track and ready for further expansion.
Job creation expands
“During this past year, Gauteng, as the country’s economic hub, experienced an increase of 96 300 jobs, with 31 300 jobs in the last 90 days,” Lesufi said.
“We are proud to declare that since the Covid-19 pandemic, our economy is now firmly back on track, and we are ready to pump our economy further.”
Lesufi revealed that Gauteng has attracted over R68-billion in investments from 261 foreign companies, resulting in about 23 000 direct jobs across 10 high-growth sectors.
Notably, Gauteng hosted the 5th South African Investment Conference, generating R1.14-trillion in investment commitments, with R22-billion earmarked for the province.
He emphasised the importance of economic development corridors and highlighted successes such as the Tshwane Automotive Special Economic Zone, where investments from companies like Ford Motor Company of South Africa have created over 3 000 jobs, with a significant portion sourced from the townships.
Moreover, partnerships with BMW and YFPO are expected to inject R2-billion into the economy, further advancing industrialisation and localisation efforts.
Lesufi welcomed the announcement of the Vaal Special Economic Zone, which is anticipated to attract more than R8-billion in investments focused on green economy initiatives.
De Beers partners with Gauteng
In an effort to revitalise local industries, the premier said Gauteng has established a jewellery manufacturing precinct in partnership with companies like De Beers and Metcon Gold Refinery, creating hundreds of permanent jobs and opportunities for small, medium, and micro enterprises.
“This investment enabled the creation of 3 291 jobs within the zone, with more than 65% of these jobs sourced from the surrounding townships. Of these jobs, 39% were filled by women and 59% by the youth.”
Lesufi further emphasised the importance of supporting township economies, highlighting initiatives such as refurbishing over 3 000 spaza shops and providing training to more than 4 000 township retailers.
In conclusion, he expressed optimism about Gauteng’s economic future, affirming the province’s readiness to propel its economy further and create more opportunities for its residents.
