The Chairperson of the Select Committee on Trade and Industry, Economic Development, Small Business Development, Tourism, Employment and Labour, Mr Mandla Rayi says the Department of Trade and Industry (DTI) should be at the forefront of South Africa’s economic growth initiatives.
“DTI should implement all its programmes in order to play the stimulus role South Africa’s economy needs. It is critical that this department spearheads economic growth that will have a lasting impact on job creation,” Mr Rayi said. Furthermore, it is critical that the department encourages investment in those sectors most likely to attract foreign direct investment, such as manufacturing.
As it tabled its annual performance plan before the National Council of Provinces’ select committee, the DTI indicated that manufacturing is at the heart of its growth strategy, but persistent bottlenecks remain, such as social inequality and the ease of doing business in South Africa.
“The economy needs to diversify and also prioritise exports. The economy cannot be a raw commodity-based economy longer than is required,” Mr Rayi said. On behalf of the committee, he welcomed the department’s initiatives to expand the economy, which include reviving industrial parks, the incentives programmes and expanding special economic zones.