https://www.engineeringnews.co.za

South Africa’s economy at a crossroads, Sunter warns

Futurologist Clem Sunter discusses the challenges faced by South Africa’s economy. Camerawork: Nicholas Boyd. Editing: Lionel da Silva

20th May 2016

By: David Oliveira

Creamer Media Staff Writer

  

Font size: - +

The Swiss-based International Institute of Management Development’s 2015 ‘World Competitiveness Report’ (WCR) ranked South Africa’s economy 53rd out of 63, highlighting that the country’s economy remains a significant player in the global economy, said futurist Clem Sunter during the 95-year celebration of international engineering consultancy Knight Piésold, in Johannesburg, last month.

However, he noted that South Africa’s position had slid significantly over the years and that it was now at a crossroads between becoming a resilient economy or dropping off the WCR.

Sunter pointed out that the country faced a number of challenges, including corruption and the lack of high-quality infrastructure and inclusive leadership.

During his speech, Knight Piésold South Africa MD Vishal Haripersad asserted that the company would focus its busi- ness principles and policies on delivering infra-structure to South Africa and the rest of Africa.

“We intend on leveraging our proud 95-year South African heritage, and extensive local and international experience in the delivery of infrastructure, thus effecting poverty alleviation and creating employment,” he stated.

Chief among the concerns raised by Sunter, which he suggested would dominate the country’s future, was the need to foster an environment conducive to entrepreneurship and small business development.

He said that, in addressing its pandemic unemployment challenges, South Africa would have to look at developing new businesses. “To create five-million jobs in South Africa, there needs to be one-million new businesses.”

Sunter stated that the economy was not inclu-sive and did not provide a “level playing field” for all South Africans, which he noted was one of the reasons for the significant number of people working in the informal sector.

Haripersad said that Knight Piésold was com-mitted to identifying, developing and nurturing “prime talent” in the construction and consulting engineering sectors. “We are dedicated not only to developing competent and sustainable engineers and businesses but also to playing our part in enabling previously marginalised sectors of the industry to access economic opportunities.”

Another challenge identified by Sunter was the small pockets of excellence in the country’s education sector. He noted that about 5 000 of the country’s 28 000 schools provided reasonable to excellent services, while the remaining were “dysfunctional to shocking”.

Sunter said South Africa would have to replicate these pockets of excellence rather than lower the standards: “Education is critical to the long-term prospects of any country.”

Haripersad highlighted that a key driver for Knight Piésold was the social and educational development of the communities living in areas where it operated: “We recognise the need for investment, financially and in terms of time and energy, in the youth of today. We are prioritising our business socioeconomic activities to ensure that the investments we make have a long-lasting impact on the institutions and people with whom we work.”

Edited by Martin Zhuwakinyu
Creamer Media Senior Deputy Editor

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (15/03/2024)
15th March 2024 By: Martin Creamer

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.105 0.158s - 154pq - 3rq
Subscribe Now