With South Africa finding itself in a technical recession shrouded by sovereign downgrades, Gauteng, as the country’s economic engine, needs to step up and take the lead in paving the way for the country’s economic recovery.
Gauteng Premier David Makhura, addressing delegates at the Gauteng Infrastructure Investment Conference, in Midrand, on Thursday, said Gauteng needs to urgently work to help the country lift its economic fortunes, adding that infrastructure development could provide the kickstart that was needed.
Over many years, infrastructure investment has played a major role as a stimulus for growth in many countries, he said; however, government, business and labour need to work together to achieve success.
In line with this, in addition to the establishment of committees to tackle red tape and corruption, the provincial government is also working to deliver a range of provincial and municipal incentives aimed at attracting investment into Gauteng.
As part of Gauteng’s ambition to create a climate attractive to investors, the approved set of administrative and technical incentives being introduced is targeted at business expansion and retention, the support of research and development, exports and enterprise development and to attract business into townships.
The incentives will be rolled out in line with the province’s economic development plan that focuses on certain sectors along Gauteng’s five development corridors including townships.
“If Gauteng works, 35% of South Africa’s economy will be working,” he said, pointing out that the “impact would be huge”.