WE ARE HELPING FXPRO USA CUSTOMERS - CLICK HERE
 

25
May

African and the Caribbean governments are set to invest more resources and energy towards developing and promoting stronger linkages between the two regions in the fields of trade and investment, science and technology and tourism.

These, and many other such ideas geared towards fostering a stronger culture of cooperation between the mother continent and her diaspora, are some of the ideas contained in the draft declaration document that will be taken forward to the Global African Diaspora summit, which will be held on Friday, in Johannesburg.

Over 60 representatives from various African countries and the diaspora, including the Caribbean and the Americas, will converge at the Sandton Convention Centre tomorrow - a day that coincides with Africa Day - for the eminent summit.

Ministers from countries represented at the summit on Wednesday gathered at South Africa's Department of International Relations and Cooperation headquarters in Pretoria for a meeting that essentially set the tone for tomorrow's all-important summit.

Chief amongst discussions between ministers was the draft declaration document, which is envisaged to be adopted at the close of the summit.

The resolutions set forth, amongst others, the need for Africa and her diaspora to work together towards achieving the objectives of the African Union (AU).

The AU's vision is that of "an integrated, prosperous and peaceful Africa, driven by its own citizens and representing a dynamic force in global arena".

Identifying areas of cooperation

The ministers identified areas of cooperation including education, health, culture and environmental issues as some of the crucial fields where Africa and her diaspora could build concrete relations in order to bring to fruition the AU's vision.

With global competiveness for skills, resources, land and other commodities being at an all-time high, the ministers resolved that more needed to be done through the various regional organisations to explore ways of harmonising international diplomacy and cooperation.

SA's International Relations and Cooperation Minister Maite Nkoana-Mashabane said they would take these ideas contained the draft declaration to the leaders' summit so they can be considered for implementation.

Tomorrow's summit will be held under the theme, "Towards the Realisation of a United and Prosperous Africa and its Diaspora".

Amongst others, it will consider the possible inclusion of the diaspora as a sixth region of the AU and endorse an AU Diaspora Volunteer Programme, which would associate the diaspora directly with the development efforts on the continent.

In a statement issued at the end of the ministerial meeting on Wednesday, Nkoana-Mashabane said the summit was one of the vehicles through which the African Union and the African diaspora aimed to realise the vision of a united, peaceful and prosperous Africa and her diaspora.

"We are mindful of the fact that unifying Africa's people is a process; and we are of the view that this summit marks a significant milestone in this process of unifying Africa and her diaspora."

Funding Africa's infrustructure drive

The other resolution the ministers' meeting hoped would be adopted on Friday included the African Diaspora Fund, whereby Africans abroad would be able to invest in African development projects and an increase in spending on infrastructure development of the continent.

According to the AU, the continent would require about US$60-billion over the next 10 years to meet its infrastructure needs.

The ministers also hoped that there would be a creation of a database of professional skills in the African diaspora, as well as the adoption and promotion of the Development Market Place for an African Diaspora model as a framework to facilitate innovation and develop entrepreneurship to empower the youth of the continent and her diaspora.

The Chairperson of the African Union Commission, Jean Ping, had indicated in his opening remarks that the draft declaration was a credible and important document that was adapted to the letter and spirit of the Diaspora Initiative. Equally important was that it was both a proposed law and working document.

Ping added that the process of rebuilding the African family was and would always remain a work in progress that could not be accomplished in one day. Concomitantly, he said focus must be on establishing appropriate structures that would facilitate more effective diaspora participation in the affairs of the Union.

The ministerial meeting, meanwhile, reinforced the call for Africa and its diaspora to unite in order to build a solid foundation for reviving the African family across the world - a move that will give impetus to the renaissance of the continent.

Source: BuaNews

Print this page Send this article to a friend

South Africa is the gateway to the African continent (Image: MediaClubSouthAfrica.com)

News on South Africa's foreign relations.

South Africa is not only an important emerging economy in its own right - it is also a key gateway to sub-Saharan Africa.

Category : BOC Publications | World Cup Africa 2010
23
May

The names of 19 bidders - who have been selected as the preferred bidders for Window 2 of the Renewable Energy Independent Power Producers (IPP) programme that will contribute to South Africa's energy mix - were announced on Monday.

The bidding for window 2 closed on 5 March with the total 79 bids received. These bids amount to 3 255MW while the cap was at 1 275MW.

"In this window, the department received 79 bids of which 51 met the qualification criteria as per the Request for Proposals. Given the megawatts limitation and competition, only 19 bidders were selected as preferred bidders for Window 2," Energy Minister Dipuo Peters said in Pretoria on Monday.

Integrated Resource Plan

The Integrated Resource Plan (IRP2010) places specific emphasis on broadening electricity supply technologies to include gas, imports, nuclear, biomass, renewables (wind, solar and hydro), in response to both the country's future electricity needs as well as reduce its CO2 emissions.

South Africa wants to procure 3 725MW of renewable energy through this process.

According to the IRP2010 - which is a 20-year projection on electricity supply and demand - about 42% of electricity generated in South Africa is required to come from renewable resources. The department has set aside 100MW of the 3 725MW for smaller projects of less than 5MW.

The department has noted that under window 2, the level of commitment to economic development has improved compared to window 1. "More communities will benefit through employment or as shareholding in these projects," said the minister, adding that most bidders in window 2 will establish community trusts aimed at developing surrounding communities.

Projects allocated

Of the selected bidders, nine were selected for the solar photovoltaic technology, seven for wind, two for small hydro and one for concentrated solar thermal (CSP).

For Solar photovoltaic 417MW have been taken up by bidders with the maximum MW allocated for round 2 at 450; for wind 562.5MW has been taken up with the maximum allocation at 650MW.

For small hydro 13.3MW has been taken up from a maximum allocated for round 2 at 75MW while for CSP the allocated maximum 50MW has been taken up. In the 2nd window a total 1 043.9MW has been taken up by bidders.

Japser Power Company, Solar Capital De Aar 3 and Sishen Solar Facility were among the bidders selected for solar photovoltaic technology; while West Coast 1 and Grassridge form part of the 7 selected for wind and Stortemelk Hydro (Pty) Ltd and Neusberg Hydro Electric Project A were selected for small hydro. For CSP Bokpoort CSP project was selected.

A full list of bidders is available on the Independent Power Producers programme website.

Growing the economy

Peters said government saw the programme as an opportunity to grow the economy given the numbers of unemployed people while the procurement of alternative energy is also aimed at alleviating energy constraints.

The programme also seeks to make provision for local content in the provision of alternative energy sources while the bids were evaluated by technical, financial, legal and international reviewers.

What the department had noted, said Director General Nelisiwe Magubane, was that there were "significant" changes in several areas like pricing whereby in solar photovoltaic in window 1 on average was at about 2.75 per kWh. "We've seen a significant reduction in price of about R1.65 per kWh for window 2," she said.

Additionally there have been significant increases in the local content from 28.5% in window 1 to 47.5% in bid window 2 in solar photovoltaic technology.

"Job creation per province, we've seen a small reduction from bid window 1 but the bidders have indicated that on the total 7 059 jobs created in the construction period and 328 jobs created in the operation of the life of the plant," said Magubane.

In the first window some of the challenges faced by bidders were that they had trouble reaching the financial close, of which June is the financial close for window1 project proposals.

Appeal to financial sector

Peters appealed to the country's financial sector to provide financing to bidders.

"The success of renewable energy hinges on the financial sector," she said, adding that bidders that were having trouble before the financial close to speak up. "I would want to appeal to those bidders that are already experiencing challenges to come to the fore. It is an appeal for the benefit of the number of jobs that will not be realised if there's no financial support," said Peters.

The minister said there had been informal conversation regarding companies experiencing financial strain. "With them not coming to the fore this would mean that we're not going to deliver on the megawatts that we want," she said.

Last year, the Department of Energy announced 28 preferred bidders, out of a total of 53 applications for the IPP bid process in the first window.

Ompie Aphane, Deputy Director General for Electricity, Nuclear and Clean Energy at the department said the department was not sure of the amount of projects that were in financial strain.

In December, the Industrial Development Corporation (IDC) announced that it will finance 12 of the 28 preferred bidders to contribute to the country's energy mix. The financing will be to the tune of R5.2-billion. Meanwhile, Peters said the department has started talking to financial institutions.

The minister called on prospective bidders for the remaining three windows that they need not necessary own the land on which projects will operate on. Bidders could co-exist. "We don't want to lose arable land," said Peters adding that bidders could share the same piece of land with farmers.

The department has yet to decide on when bidding will commence for projects to take part in window 3.

Source: BuaNews

Print this page Send this article to a friend

South Africa is looking to take advantage of its abundant sunshine by creating a solar park in the Northern Cape (Photo: US Department of Energy)

New markets, trends in small business - and opportunities in unexpected places.

South African initiatives for "people, planet, prosperity".

Category : BOC Publications | World Cup Africa 2010
16
May

South Africa's Anglo American Platinum (Angloplat) has launched the prototype of the first fuel cell powered underground locomotive, in a bid to demonstrate the viability of platinum-based fuel cells as an alternative energy source while helping the country meet its energy and job creation challenges.

Anglo American CEO Cynthia Carroll, speaking at last week's launch, described the event as "a leap forward for fuel cells.

"The platinum-based hydrogen fuel cells, used to power the locomotive we are unveiling today, offer one of the most exciting opportunities for South Africa in the green economy," Carroll said.

"At Anglo American, we believe that with platinum at its heart, a South African fuel cell industry would support the country's drive for jobs and help to meet its energy challenges."

According to Angloplat, hydrogen-powered fuel cell locomotives are more economical and environmentally friendly than traditional rail transport, being powered by a cleaner and more secure energy source.

A fuel cell is essentially a gas battery that produces electricity as long as it is fed with hydrogen gas. The fuel cells provide availablity 24-7, and there is no need to change or recharge the battery it replaces, which means less downtime and increased productivity.

"These innovative locomotives will provide us with an opportunity to mine platinum in a more economic, energy-secure and environmentally benign manner," said Angloplat CEO Neville Nicolau. "The locomotives will not require any electricity from the grid to function, and will not emit noxious gases."

The locomotive was developed in collaboration with Vehicle Projects, Trident South Africa, and Battery Electric. The partnership will construct five fuel cell locomotives which will be tested for underground use at one of Angloplat's mines, after which they will be integrated into the company's mining operations.

According to Angloplat, fuel cell technology is a strategic emerging industry, and the locomotive project is part of the company's collaboration with South African government and technology partners to explore the potential of fuel cells, with an eye to the industrialisation and beneficiation of platinum group metals (PGMs).

"This collaborative work is intended to enable the development of a local fuel cell manufacturing, distribution, marketing and servicing industry which will be globally competitive," Angloplat said.

SAinfo reporter

Print this page Send this article to a friend

Anglo American Platinum's fuel cell powered underground locomotive prototype (Photo: Ballard Power Systems)

Facts and figures, growth, opportunities, investor support - doing business in South Africa at a glance.

Category : BOC Publications | World Cup Africa 2010
9
May

International models on how to boost the development of the ICT sector in Africa will come under the spotlight during the inaugural ICT Indaba taking place at the Cape Town International Convention Centre from 4 to 7 June.

The event, organised by the Department of Communications and endorsed by the International Telecommunications Union, aims to formulate an African Agenda to promote ICT as a catalyst for social and economic development on the continent.

According to the department, hundreds of delegates from Africa, Europe, Asia, and South America, including ICT executives and government representatives, will take part in the 2012 ICT Indaba, while ICT regulators from more than 50 countries on the continent have also been invited.

One of the keynote speakers at the Indaba will be ITU deputy secretary-general Houlin Zhao, who will present a paper on the role of ICTs in socio-economic development.

Tech gurus peer into Africa's crystal ball

One of the highlights of the Indaba will be a "crystal ball exercise" in which eight international experts will discuss strategies for entrepreneurs and predict the future of technology in Africa and the world over the next 15-20 years.

The crystal ball "gurus" will include Dimension Data chairman Andile Ngcaba, Japan Science Agency director Shig Okaya, Global Innovation Summit (Silicon Valley) executive chairman Alfred Watkins, Intel Capital Africa director Sam Mensah, and Microsoft Middle East and Africa regional head Zaki Khoury.

Vijay Tharumartnam of Multi Development Corporation will speak on the Malaysian "Silicon Valley experience" during a session devoted to "developing smart cities in the African context", in which there will also be presentations on Bangalore, Indian's Silicon Valley, Mexico's Guadalajara, and Egypt.

Developing country models for skills development

Speakers from Rwanda, China, India, and Cuba will discuss developing country models for building and retaining the necessary skills base for a robust ICT industry. These will include Miche Bezy, associate director of Carnegie Mellon University in Rwanda, who will look at how Rwanda is producing a competitive ICT skills base.

Dr Jun Xia of the Beijing University of Posts and Telecommunications will discuss the Chinese model of advancing rural development through ICTs, the Indian model will look at conceptualising e-skills development programmes, while the Cuban model will share experiences on producing industry-ready graduates.

Other sessions will focus on broadband connnectivity and policies for advancing the knowledge-based economy in Africa, while speakers from the World Bank and African Development Bank will address a key session looking at infrastructure development as a basis for integrated ICT initiatives.

Communications Minister Dina Pule said the ICT Indaba sought to ensure that ICT fulfilled its potential as an enabler of economic growth and job creation, not only in South Africa but throughout the continent.

"I take pleasure in inviting our compatriots across the Diaspora to our country to partner with us, the ICT industry, labour and civil society as we enter a bold partnership that seeks to shape the development of the continent," Pule said in a statement on Tuesday.

SAinfo reporter

Print this page Send this article to a friend

South Africa is a leader of ICT development in Africa (Image: Department of Trade and Industry)

Africa gateway

Africa gateway

South Africa is not only an important emerging economy in its own right - it is also a key gateway to sub-Saharan Africa.

New business development in South Africa

New business development

New markets, trends in small business - and opportunities in unexpected places.

Category : BOC Publications | World Cup Africa 2010
8
May

Mobile services company Oltio, a joint venture between Standard Bank and mobile operator MTN, is looking to change the way South Africans use their mobile phones by turning their handsets into personal point of sale devices.

Earlier this year, Oltio was nominated in the "best mobile money innovation" category at the annual GSMA Global Mobile Awards for its secure transaction authentication technology, payD.

Through the payD platform, launched in August 2011, consumers can buy products and services online, using their debit cards to pay for their purchase and their mobile phones to enter their PINs.

Major partners, vendors on board

The technology is used by Oltio parent company MTN for its Eazi Recharge pre-paid airtime top-up service, which has nearly 140 000 users.

Other partners include MasterCard, through its recently launched MasterCard Mobile payment platform; PayU, which currently processes 65% of all online payments in South Africa; and Vodacom's new Express Recharge pre-paid airtime top-up service.

In addition, payD has more than 200 vendors on board, including 1time Airline and online retailer TakeAlot, and Oltio is pushing to grow the number of merchants offering payD to its customers.

"The MasterCard Mobile platform enables millions of South Africans to make secure purchases using their PIN-based bank cards," Oltio CEO Terry Timson said in a statement last week.

'Convenient and cost-effective'

"It's a convenient and cost-effective payment mechanism that lets customers make use of their existing bank accounts, credit and debit cards, if issued by Standard Bank, Absa or Nedbank.

"This use of our pioneering technology means consumers can benefit from the competitive prices, convenience and variety associated with buying online, simply by registering their MasterCard or Maestro PIN-based credit or debit card to transact."

payD is also available to PIN-based Visa debit and credit cards issued by Standard Bank, Absa or Nedbank. PostBank customers can also use payD to make payments on their mobile phones.

According to Timson, this means "we are, in effect, enabling the vast majority of the more than 30-million South African debit card users to join the e- and m-commerce revolution, many for the first time."

SAinfo reporter

Print this page Send this article to a friend

New markets, trends in small business - and opportunities in unexpected places.

Category : BOC Publications | World Cup Africa 2010
8
May

South African travel technology company Tourism Radio has teamed up with global guidebook specialist Frommer's to provide "the next generation of travel guides" that begin playing on travellers' mobiles as they enter their location.

"Tourism Radio's unique mobile technology seamlessly blends Frommer's text content with Tourism Radio audio clips, which automatically play as travellers enter their location," Tourism Radio said in a statement last month.

The initial partnership involves the release of audio and text travel guides to a number of popular travel destinations around the world, including comprehensive guides to New York, London and Paris.

The guides can be downloaded as standalone applications for Android and iPhone, or accessed through Tourism Radio's travel application, Hummba - listed by Forbes magazine as one of the Top 20 Startups in Africa in February this year.

"Travellers will now be able to easily access an unprecedented amount of quality travel information, directly from their mobile phones," said Tourism Radio founder and CEO Mark Allewell.

Tourism Radio's location-based audio travel guides can be downloaded for between US$0.99 and $4.99. A selection of free, "lite" guides can also be downloaded by travellers wishing to sample the content before committing to a purchase.

Founded in Cape Town in 2005, Tourism Radio currently has offices in South Africa, New Zealand and Spain.

SAinfo reporter

Print this page Send this article to a friend

New markets, trends in small business - and opportunities in unexpected places.

Category : BOC Publications | World Cup Africa 2010
2
May

President Jacob Zuma, in talks with visiting Indian President Pratibha Devisingh Patil on Wednesday, extended an invitation to the Asian nation to invest in South Africa's massive, state-led infrastructure drive.

"We have once again extended an invitation to Indian business to invest in our infrastructure development programme, in which we are to invest more than R800-billion until 2014," Zuma said following his meeting in Pretoria with Patil, who began his state visit to the country on Wednesday.

Zuma noted the fact that relations between the two countries dated back many years, that South Africa and India also shared a history of struggle against colonial oppression and racism, as well as "deep social, economic and cultural ties".

R111-billion trade target for 2014

While trade was increasing steadily, "we should all work to reach even higher figures", Zuma told journalists.

According to the Department of International Relations and Cooperation, trade between the two countries stood at R48.2-billion as of November 2011, with South African exports at R21.9-billion and imports from India at R26.3-billion.

The two countries have set a bilateral trade target of R111-billion to be reached by 2014.

Patil said relations between South African and India had taken on a robust and dynamic character, adding that strong institutional frameworks for co-operation in the economic, political and technological fields were in place.

"Our bilateral relations today are wide-ranging, multi-dimensional and mutually beneficial," Patil told journalists. "Our shared and abiding commitment to the ideals of democracy has only reinforced our close and friendly ties."

'Opportunities need to be explored'

Since the establishment of full diplomatic relations between South Africa and India in 1993, numerous high-level visits have taken place between the two countries, with cooperation agreements signed in trade, investment, education, defence, and information and communication technology (ICT).

"We have agreed to monitor the implementation of various agreements that exist," Patil said, adding that they were looking into expanding these into areas including health, science and technology and infrastructure.

"We felt that considerable opportunities need to be explored," said Patil, adding that India was also interested in working with South Africa to develop a Ghandi heritage site in the country.

Zuma said the two presidents had looked at ways in which "we can further translate our historical ties into meaningful socio-economic development cooperation."

Source: BuaNews

Print this page Send this article to a friend

South African President Jacob Zuma introduces Cabinet ministers to Indian President Pratibha Devisingh Patil at the Union Buildings in Pretoria, 2 May 2012 (Photo: GCIS)

Facts and figures, growth, opportunities, investor support - doing business in South Africa at a glance.

First-world infrastructure plus a vibrant emerging market equals huge investment potential!

Category : BOC Publications | World Cup Africa 2010
30
April

There is great potential for increased trade and investment between South Africa and Saudi Arabia, International Relations Deputy Minister Ebrahim Ebrahim said during a meeting with his counterpart, Deputy Foreign Minister Prince Abdul-Aziz bin Abdullah, in Riyadh on the weekend.

Ebrahim, who is on a two-nation tour of the Middle East and Asia, said South Africa had significant investment interests in Saudi Arabia, through various companies in the engineering, hospitality, retail and health care industries.

Oil accounts for more than 90 percent of Saudi Arabia's exports, and the kingdom is presently the largest supplier of crude oil to South Africa.

According to Ebrahim, bilateral trade between South Africa and Saudi Arabia amounted to more than R37-billion in 2011 - despite the fact that relations between the two countries were "not at the level that they should or could be".

"We appreciate the importance of Saudi Arabia in an international and regional context, and have taken some steps to address the unsatisfactory state of affairs."

The deputy minister said President Jacob Zuma had extended invitations to King Abdullah bin Abdul Aziz al Saud and his foreign minister to visit South Africa.

"We hope that these visits can take place soon, as the memorandum of understanding for the establishment of regular bilateral political consultations is ready for signature,"

"Furthermore, allow me to take this opportunity to extend an invitation to you to undertake a visit to South Africa to further strengthen our bilateral standing," Ebrahim said.

South Africa and Saudi Arabia have so far signed eight bilateral agreements together providing a framework for co-operation, and the South Africa and Saudi Arabia Business Council was established in 2009.

The two countries have also established a joint defence committee and a joint committee on science and technology.

Source: BuaNews

Print this page Send this article to a friend

South African Deputy International Relations Minister Ebrahim Ebrahim (Photo: Unati Ngamntwini, Department of International Relations and Cooperation)

South Africa is not only an important emerging economy in its own right - it is also a key gateway to sub-Saharan Africa.

Category : BOC Publications | World Cup Africa 2010
20
April

20 April 2012

Deputy President Kgalema Motlanthe has assured Ghana of South Africa's loyal support, saying he hopes the two countries can work together in tackling the challenges facing the continent.

Motlanthe is in Ghana for a working visit which could see the two countries cooperating in the energy sector, among others.

Relations between South Africa and Ghana, one of the most stable multi-party democracies in West Africa, are very good, with both countries maintaining residential diplomatic missions in each other's capitals.

'Shining example of democracy'

Speaking at a gala dinner held on his behalf in Accra on Thursday, Motlanthe congratulated Ghana on celebrating its 55th anniversary of independence in March.

"As one of the African countries holding elections this year, we look up to your excellent track record and good governance in holding free and fair elections. We hope your country will once again serve as a shining example of democratic change."

Motlanthe added that he was pleased that Ghana, like South Africa, continued to play a critical role in peacekeeping and upholding good governance in Africa.

While in Ghana, Motlanthe will hold talks with his counterpart, Dramani Mahama, as well as pay a courtesy call on President John Evans Atta Mills.

On the agenda, according to the Presidency, will be cooperation in areas such as energy and energy-related technology, security, and environmental issues, including the management of national parks.

Trade volumes on the increase

According to the Department of International Relations and Cooperation, Ghana represents a the biggest export market for South African goods in West Africa after Nigeria.

In recent years, trade between the two countries has grown significantly, with South African exports increasing from less than R1-billion in 1998 to over R3-billion in 2009, while imports from Ghana have increased over the same period.

Exports have included vehicles, machinery, mechanical appliances, electrical equipment, base metals, aircraft, vessels and associated products.

"While total trade volumes are still relatively low in global terms, it is expected that these figures will grow," the department said.

There are more than 80 South African companies registered in Ghana.

Motlanthe is being accompanied on his trip by Energy Minister Dipuo Peters, Public Enterprises Minister Malusi Gigaba, and Deputy International Relations Minister Ebrahim Ebrahim.

BuaNews

Print this page Send this article to a friend

Dancers welcome South African Deputy President Kgalema Motlanthe at Kotoka International Airport in Accra, Ghana, 19 April 2012 (Photo: GCIS)

South Africa is not only an important emerging economy in its own right - it is also a key gateway to sub-Saharan Africa.

Category : BOC Publications | World Cup Africa 2010
17
April

South Africa's economic growth is "reasonably stable" but still vulnerable to problems in the eurozone, and the country looks forward "to a far more clear set of actions" from European countries to give certainty to global markets, says Finance Minister Pravin Gordhan.

Gordhan was speaking at a Foreign Correspondents Association breakfast in Johannesburg on Monday, ahead of a G20 meeting on Thursday and Friday where leaders are expected to find out if they are any closer to an answer to the European crisis.

The meeting is also expected to look into whether the International Monetary Fund (IMF) has adequate resources and if it requires additional funds.

'Multi-polarity is where we are heading'

Globally, the world is moving towards multi-polarity, where traditional methods of growth are no longer operational, Gordhan said.

"We are living in epoch-changing shifts in the economy; they don't happen overnight nor can they be judged over a short period. These are shifts that are reflected in the way in which global growth is being distributed.

"Multi-polarity is where we are heading," Gordhan said. "It shouldn't be seen as this enforced historical change that we have to live with, but rather as a vital necessity to ensure that global growth is restored ."

Ratings agencies' comments 'unwarranted'

Gordhan described the decision by some ratings agencies to place South Africa on a negative watch as "an unfortunate casting of European shadows on the South African scene.

"There is nothing to suggest in the numbers or policy pronouncement that this government has made to justify the kind of doubts that rating agencies are placing on South Africa."

There were, however, social demands to better deliver resources. Gordhan said this was not driven by demands for more money to be spent, but rather for money to be better spent and less subject to corruption, a matter which government was attending to.

"We want to build up a 10-year fiscal framework, which will tell us what we can afford and how we need to grow the economy to overcome challenges," the minister said.

South Africa was working to improve growth with its recently announced infrastructure programme, as well as with the competitive programme for the industrial sector, support for emerging farmers, investment in science and technology, and employment expansion - particularly for young people, for whom processes were "taking too long".

"There are immense opportunities on the continent," Gordhan said.

Reducing unemployment

On the issue of reducing unemployment, Gordhan said this ambition depended on the extent of economic growth, labour absorption, as well as greater investment in industries with a larger capability to employ people.

"I admit [we are] not easily going to meet some of the targets we set, but I'm hopeful that some of the programmes we put in place might begin to change the picture. If we can get the global economy to settle down and get back to a growth path, we might see a different picture in about five years."

South Africa aims to create five-million jobs by 2020. Gordhan said more needed to be done, adding that 70 percent of the job creation target had to come from the private sector.

The minister stressed that incentives for business to create jobs were available, and that far more "urgent discussion" was needed in this regard.

Source: BuaNews

Print this page Send this article to a friend

Workers at a plant owned by petrochemicals giant Sasol (Photo: Sasol / MediaClubSouthAfrica.com)

Category : BOC Publications | World Cup Africa 2010

Traders Now Online


There are 1332 live traders on our liteforex platform

Subscribe

Subsribe via RSS Feed Reader

BuaNews Business cape town centre change conference country Development economy event fifa world cup forex government Group industry jacob zuma Johannesburg Monday number percent Photo place power Pretoria province reporter role SAinfo sa news sector south africa south africa news South Africans support team technical Technology Thursday time victory Wednesday work year za news zuma

Forex Marketing by TOTAL SEO MARKETING and SEO'd by CYCO SEO Service