Seifsa chief economist Henk Langenhoven
The challenges confronting the country’s foremost strategic sectors, namely the metals and engineering, mining, construction and automotive sectors, urgently need to be addressed, warns the Steel and Engineering Industries Federation of Southern Africa (Seifsa).
Seifsa chief economist Henk Langenhoven on Wednesday noted that policy certainty and better social cohesion were needed to prevent the downfall of the metals and engineering sector, in particular, as it was undergoing structural correction in terms of its development trajectory and business solutions.
He added that, as a group, the four strategic sectors directly contributed 17% to South Africa’s gross domestic product in 2014.
“These sectors export and earn up to 80% of the country’s foreign exchange and directly employ about 1.7-million people. We must, therefore, go out of our way as a country to ensure the survival and sustainability of these sectors,” he said.
Langenhoven further pointed out that the link between the metals and engineering sector and the mining, construction and automotive manufacturing industries would come under scrutiny at the 2016 Southern African Metals and Engineering Indaba, which would take place on May 26 and 27 at the Industrial Development Corporation Conference Centre, in Sandton.
The list of speakers and panelists at the 2016 indaba included former South African President Kgalema Motlanthe, US Embassy Economics Minister Laird Trieber and Massmart Chairperson Kuseni Dlamini.