Deputy President Paul Mashatile has urged investors to continue investing in the country as more needs to be done to change the fortunes of the economy and create enough jobs to absorb new labour market entrants.
“More than ever before, the Government and the business sector must work together to fund and invest in projects that can generate both income and profit and unearth investment opportunities in the country,” the Deputy President said.
Virtually addressing the Ninety One Global Investment Summit, Mashatile commended the sector for its continued investments in youth development initiatives as demonstrated through the Youth Employment Stimulus (YES) initiative as well as investment in improving access to clean, reliable water in the country.
“We must work together to build and strengthen our economy. We must find real-world solutions to the burning issues of poverty, unemployment and inequality that confront us as a people.
“In this regard, we urge you to work with us through Infrastructure South Africa to partner on our infrastructure portfolio. Including partner with the Department of Water to invest in water infrastructure so as to avoid another crisis in that sector,” the Deputy President said.
Through Operation Vulindlela, the Department of Water and Sanitation is working towards resolving 80% of water-use licences as requested by mining companies within 90 days.
“We assure you that there are many investment prospects in South Africa. Investors may consider investing in industries such as manufacturing, agribusiness, transport and logistics, the ocean economy, the digital economy, and renewable energy. As a matter of urgency, solving the energy crisis remains at the top of our agenda as Government,” Mashatile said.
He said government wants to work together with business to work to stabilise the energy supply by fixing Eskom and improving the availability of existing supply as well as enabling and accelerating private investment in generation capacity.
Moreover, the partnership could collaborate on accelerating the procurement of new capacity from renewables, gas, and battery storage; unleash businesses and households to invest in rooftop solar, and fundamentally transform the electricity sector to achieve long-term energy security.
“Equally, Government continues to rapidly implement the Integrated Resource Plan 2019 by procuring additional energy capacity through renewable energy procurement programmes,” the Deputy President said.
“We are also intensifying our investment drive and eliminating the red tape across the government. We must improve the time it takes to make decisions, this include the issuing of business licences and general approvals. In this regard, The Presidency has established a ‘red tape team’ to facilitate business operations.
“The government is also reducing bureaucracy through the simplification of administrative procedures. That when the private sector interacts with government agencies, businesses must navigate intricate and time-consuming administrative procedures. We must reduce unnecessary red tape,” he said.
Source: Nam News Network