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SA, China trade grew 32% in 2 years, Zuma says

20th March 2014

By: Natalie Greve

Creamer Media Contributing Editor Online

  

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Leveraging off the “major” development of South Africa’s inclusion in the Brazil, Russia, India, China and South Africa (Brics) alignment, South Africa continues to expand its international trade footprint, growing bilateral trade with China by 32% in the last two years, President Jacob Zuma has asserted.

Addressing the second yearly Premier Business Awards ceremony, in Johannesburg, on Wednesday, Zuma said, over the longer term, South Africa's participation in Brics presented “important opportunities” for the country to build its domestic manufacturing base and expand trade and investment opportunities.

“The proposed establishment of a Brics-led development bank will [further] contribute to enhanced financial support for infrastructure in the continent and will drive [the competitiveness of] South African business[es], which have gone into the continent in big numbers,” he noted.

“We encourage more investments inside Africa to promote intra-Africa trade and investment.”

He added that, to further improve the country’s economic situation, the State had taken “bold steps” to diversify the economy and build its industrial base, with greater emphasis on labour-absorbing employment.

“However, more work must be done to improve investment prospects and encourage youth employment, in particular, while not neglecting older workers.
In addition, more work must still be done to increase the number of small and medium enterprises,” Zuma commented.

This, he averred, would be achieved through the implementation of the National Development Plan, supported by the New Growth Path and the Industrial Policy Action Plan, which identified “what needed to be done” to achieve these objectives.

Among the priorities identified by these initiatives was continued public investment in infrastructure to facilitate economic growth and the maintenance of existing infrastructure, particularly those that related to water and electricity.

Of “pivotal” importance for economic growth, Zuma added, was the need to improve energy security through the acceleration of the country’s “massive” build programmes.

“We are also exploring new opportunities, such as the development of shale gas and nuclear energy,” he said.

Government would further prioritise the improvement of the quality of basic education and “substantially” expand higher and further education and training.

“We also have to strengthen links, in particular, between companies and the further education and training sector to enhance the provision of the skills required by a growing economy,” Zuma outlined.

To further enhance South Africa’s economic growth, he had, in previous discussions with business, been “sensitised” to the need to improve the ease of doing business in the country and had, as a result, directed departments to continue working to create a “business-friendly” environment.

This meant that regulations should be implemented as efficiently and cost-effectively as possible, without imposing unnecessary delays or red tape.

Moreover, in the new term of government, Zuma committed to ensuring enhanced focus on small businesses, as these were the “engines” of job creation.

He said informal traders and entrepreneurs must be able to develop their small businesses into larger ones through support mechanisms and an enabling environment.

Government was also prioritising the need to increase financing for industrial development as well as small and microenterprises.

“While promoting these interventions, we also wish to emphasise the need for labour and business to promote workplace stability within the country’s progressive labour relations framework.

“We are pleased that labour relations appear to be conducted in a more stable manner compared [with] the turbulence of the year 2012, during which we experienced tragic loss of life and violence in areas such as Marikana,” Zuma noted.

The President also congratulated recipients at this year’s Premier Business Awards, which recognised and honoured South African enterprises and entrepreneurs who promoted the spirit of success, innovation and good business ethics in South Africa’s economy.

“The success of the recipients of these awards this evening demonstrates that our country promotes innovation and success, and that opportunities are being used to grow businesses and prosper,” he concluded.

Edited by Tracy Hancock
Creamer Media Contributing Editor

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