The South African Chamber of Commerce and Industry (SACCI) has welcomed the 2022 State of the Nation Address (SONA), especially in its affirmation of the central role and importance of the private sector.

SACCI CEO, Alan Mukoki, said a private sector led economy will finally set South Africa on a path of science-based planning, underpinned by meritocracy and tangible accountability.

“The private sector will assist other social partners by bringing to the fore the much-needed investment and innovation in areas, such as local industrialisation, fast tracked infrastructure, sustainable commercialisation of commodities, service industries and human capital,” Mukoki said.

Mukoki also noted that since 1994, private sector controlled companies have recorded globally competitive performance, such as in financial services, natural resources, ICT (information and communications technology), infrastructure development and retailing.

“These success stories can be extended throughout the domestic economy which can then be leveraged to take advantage of AfCFTA (African Continental Free Trade Area) and international markets,” Mukoki said in a statement.

For a private sector led economy to thrive, Mukoki added that government at all levels will require a material shift in institutional arrangements and work ethic on the part of the public sector institutions that are tasked with supporting economic policy and development.

Source: South African Government News Agency