Riyaz Patel
President Cyril Ramaphosa on Thursday engaged several business leaders on plans to accelerate reforms to build business confidence, grow investment and boost the economy.
The meeting was initiated by business and attended by the leadership of South Africa’s major banks as well as representatives from various business bodies.
A statement from the presidency said business leaders expressed commitment to support several broader initiatives to address the unemployment crisis in the country.
Ramaphosa said he will hold similar discussions with other social partners, including organised labor.
The President briefed South Africa’s business community of efforts to rebuild and strengthen state institutions including the South African Revenue Service (SARS) and National Prosecuting Authority (NPA), as well as on the interventions in several state-owned companies (SOEs).
There was also discussion and debate around the progress on the implementation of much-needed reforms for faster economic growth, including the restructuring of Eskom, digital migration and the review of the country’s visa regime.
Ramaphosa said the “challenges confronting the country require a collaborative approach underpinned by a strong social compact between all social partners.”
The President acknowledged the need to fast-track short-term reforms, such as the economic recovery and stimulus plan, while reaffirming government’s commitment to reduce regulatory impediments to investment and growth.
Ramaphosa pointed out the work done by the government to enhance policy certainty in key areas, including the revised mining charter, and a directive on the release of the spectrum.
He applauded the “significant progress” made to South Africa’s visa regime which is already yielding successes.
These included positive growth in forwarding bookings from Ghana, New Zealand and the United Arab Emirates, among other source markets.
The meeting also heard that the Development Bank of Southern Africa (DBSA) is at an advanced stage of establishing the Infrastructure Fund Implementation Unit that will drive operationalization of the Infrastructure Fund announced by President Ramaphosa.
More detailed presentations are expected to be unveiled at the South Africa Investment Conference in November.
Ramaphosa informed business of the imminent establishment of three Presidential Advisory Councils focusing on Economic Growth, Investment Promotion, and State-Owned Enterprises.
These Advisory Councils are expected to bring together diverse local and international experts from government, business, labor, academia and civil society to guide the implementation of practical interventions to stimulate rapid economic growth and job creation.
The Councils will also drive the process of rebuilding the governance capacity, and by extension, the confidence in several state-owned companies.
“The Advisory Councils will contribute to building a capable state, as demanded by the National Development Plan, through a transfer of skills and improvement on economic policy formulation and implementation,” added the statement from the presidency.
