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Inclusive growth key to South Africa’s fortunes – Ramaphosa

18th January 2017

By: African News Agency

  

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South African Deputy President Cyril Ramaphosa sought to deliver a message of hope as he addressed the country’s delegation at the World Economic Forum in Davos, Switzerland, on Tuesday.

Ramaphosa said 2016 had been a turbulent year, but that South Africa had managed to come through the worst of it.

Ramaphosa told the South African delegation, which included a number of cabinet ministers and business leaders, that he had no doubt that 2017 would usher in a much more stable environment, especially around the economy.

“We are, of course, like many other countries, facing slow growth, but what is important for us is that we were able during the past year and the previous year, to withstand quite a lot of the challenges we faced and we need to remain focused on fostering economic growth and ensure the economic growth that we should have as South Africa, is inclusive.”

He called for inclusive growth that “people are able to see, feel and touch”.

Ramapohsa, in his address to the South African delegation, placed great emphasis on the cooperation between government, labour, business and sectors of civil society, describing this as a “great attribute” and strength of South Africa.

“I think this is what distinguishes South Africa from many other countries, that when faced with great challenges, we are able to get [through] it together.”

He said this partnership, which had seen an improving labour market environment with no more violent strikes and the proposed national minimum wage, bode well for the future.

He said these achievements came despite “partners (being) diametrically opposed on many issues, but able to get together to talk about key issues of interest to the country, their communities, their support bases and their businesses and able to come up with really good solutions”.

Ramaphosa said that at various points in the country’s recent history there had been serious doubts about the “future trajectory of our country”, even among local businesses, but that what had been achieved served as “signposts that will tell us that this country is capable of addressing challenges and problems”.

Ramaphosa also pointed to the country’s “strong institutions” which he described as “shock absorbers” and which he said had “kept the country stable when many thought the wheels would come off”.

A very strong and stable macro economic environment and policy outlook, and financial services infrastructure which ranked among the best in the world, added to South Africa’s strengths he added.

He said there had been the need for policy certainty, with the business community, in particular, seeking those assurances.

“[In] 2017 and onwards we will be seeking to ensure that there is policy certainty and that the institutions of government speak with one voice and from the same sheet,” Ramaphosa said, adding that investors would find the “amount of certainty that they should have with regards to South Africa and the investing environment”.

He also pointed to success stories such as the country overcoming energy challenges, with terms such as loadshedding and black-outs now a thing of the past. A bullish Ramaphosa said that this could even serve as a “great lesson we can give out to a number of other countries in how to address infrastructure challenges”.

He also moved to assure the business community that major infrastructure investment in SA would continue, even speed up, and that this ran counter to perceptions in some quarters that this major economic driver was slowing down.

Edited by African News Agency

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