In his State of the Nation address on Thursday, President Cyril Ramaphosa outlined 10 key economic goals for South Africa, including:
1. Achieving economic growth above 3% through significant investment in new infrastructure and the maintenance of existing infrastructure.
2. Developing innovative methods for infrastructure funding, involving local and international financial institutions and investors to unlock R100 billion for infrastructure financing.
3. Optimising the functionality of key state-owned enterprises (SOEs) such as Eskom and Transnet to foster competition in electricity generation, freight rail, and port terminals.
4. Continuing SOE reform to ensure they effectively meet their social and economic mandates, including implementing a new model to enhance governance and oversight of public entities. A dedicated SOE Reform Unit will coordinate this work.
5. Securing long-term energy security by completing the reform of the energy system and eliminating the risk of load shedding.
6. Revitalising port terminals and rail corridors via the Freight Logistics Roadmap, utilising private capital to restore them to world-class standards. Open access to the rail network will allow private rail operators to increase the volume of goods transported by rail.
7. Guaranteeing a reliable water supply across the country by investing heavily in expanding water resources and establishing the National Water Resource Infrastructure Agency.
8. Transforming the economy to be more inclusive by empowering black people, women, and persons with disabilities through a R20bn annual transformation fund for black-owned and small business enterprises.
9. Generating employment for all, particularly the youth, by leveraging unique strengths and potential to develop future industries like green manufacturing, renewable energy, electric vehicles, and the digital economy.
10.Finalising a modernised and comprehensive industrial policy to drive economic growth by focusing on localisation, diversification, digitisation and decarbonisation.
BUSINESS REPORT