Zuma urges business to work with government to address economic challenges

09 February 2016 - 16:00 By TMG Digital

Notwithstanding the challenging economic outlook‚ the government will continue to invest in infrastructure development such as electricity‚ bulk water‚ ports and rail infrastructure‚ President Jacob Zuma says.Reviewing the recent World Economic Forum at a luncheon for business leaders in Cape Town‚ Zuma said that low economic growth was a cost to business‚ the community and government.It ultimately undermined the ability of the nation to create better lives and further compromised the ability of the government to deliver on basic services. Zuma added that the government and business must partner in taking the country forward and together must look for solutions.“Government take the lead in developing enabling economic infrastructure. This investment should not be allowed to slow down in difficult times as we may lose our comparative advantage to others who are able to invest and develop faster and better ways of doing things.“Straying from our course will leave us ill-prepared for the next up-cycle. We will thus continue to invest in infrastructure development such as electricity‚ bulk water‚ ports and rail infrastructure‚” Zuma said.It was for this reason that co-investment with business should be supported‚ he added.“More importantly‚ we should never lose sight of the positive attributes that make South Africa an investment destination of choice.“We have a diversified economic base. We have an economy that offers world class business services in areas such as information and communication technology‚ transport and logistics as well as financial and professional services.“We have strong and transparent public institutions‚ and are committed to responsible macroeconomic management of the economy‚” the president stated.He emphasised that the government wanted to support investment. “That is why we are developing the InvestSA One Stop Shop concept to remove the red tape and regulatory bottlenecks for investors.“Let me emphasise that we are serious when we say we want to avail ourselves for continuous interaction with business for the good of the economy and our country.“We may not be in a position to change the past. However‚ we have the power to map the future.“Let us work together to ensure that in the next economic upswing‚ South Africa will be in a position to grow faster and employ more people‚” Zuma urged business leaders.He noted that efforts to resolve the country’s energy challenges were bearing fruit‚ thanks to electricity from Medupi and co-investment in the renewable energy programme and now going into coal and gas.Nedlac had also made notable progress in addressing issues around workplace conflict‚ with the number of strikes reduced markedly in 2015.“Government has also made strides in coordinating new policy through the new socio economic impact assessment system.” ..

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