3 ways Zuma plans to transform the South African economy in 2017
President Jacob Zuma plans to deliver his State of the Nation Address on Thursday, 9 February at 7pm.
In the lead up to the event, he held a special business investor luncheon to discuss his announcements for the Sona and his plans for economic transformation in the country.
During his luncheon commencement speech, President Zuma specifically focused on the need for transformation in the economy and cutting down on the exclusion of South Africa’s poorer, previously disadvantaged citizens.
He also announced the first of his plans to achieve these transformation goals.
“The scale of inequality and exclusion in South Africa is an important challenge that needs to be confronted this year,” said Zuma.
“It needs urgent action. After two decades since democracy, the black majority still remains largely outside of the mainstream economy. Social justice cannot be achieved if we allow the status quo to persist.
“Economic inclusion since 1994 demonstrated that we can grow the size of the economy. We have though failed to ensure that the growth is shared,” he said.
Zuma specifically highlighted 3 key transformations that would see this inequality addressed by the end of 2017.
Ongoing inter-ministerial committee
The recently established Inter Ministerial Committee on Investment has been discussing the coordination and alignment of investment policy and regulation said Zuma.
This includes the marketing of South Africa as a preferred investment destination.
New investment division in the DTI
A dedicated division in the Department of Trade and Industry, InvestSA, has been established which will focus on investment promotion, facilitation and aftercare, said Zuma.
InvestSA will provide specialist advisory, intergovernmental coordination, fast track unblocking and red tape reduction in government.
One-stop investor service
A national One Stop Shop service for investors will be launched in March 2017 and three provincial One Stop Shops will be launched by mid-2017.
The One Stop Shops will be the focal point of contact in government for all investors to coordinate and facilitate with the relevant government departments involved in regulatory, registration, permits and licensing.
Read: What should South Africans expect from the 2017 budget speech?
Loading ...