2019-03-18 12:33:24 - 10 months ago -
PPGI targets five percent economic growth...
In a bid to achieve five percent growth in the economy, the Public-Private Growth Initiative (PPGI) has set its sights on implementing priority projects that will unclog the path to economic growth.
In a briefing at the Union Buildings on Monday,
the PPGI said while there is progress on key projects, it will look to prioritise key projects that will yield more fruit.
"If there is identification of a harbour that needs to be unblocked because it is effectively stopping the movement of goods then that needs to be addressed because it opens up opportunities in various areas.
"There will be certain work that will be elevated to this level and prioritised in this way to get us the speedy results that
we need to get that five percent of growth that we need to achieve," said the Department of Planning, Monitoring and Evaluation (DPME) Director General Nompumelelo Mpofu.
The PPGI brings together leaders of government and business who seek to build a closer relationship in which the alignment of plans and objectives of government and business can be enhanced.
The formation forecasts that between now and 2023 investment of at least R500 billion is achievable in specific economic sectors provided there is an enabling environment.
Convened by the DPME Minister Nkosazana Dlamini-Zuma, the PPGI believes growth of five percent is possible, provided certain enablers for the economy are realised and key inhibitors are eliminated.
The Minister made the point that while eliminating inhibitors to growth is key, the PPGI must look at long term plans that will create greater participation in the economy.
"Working with the private sector, we want to increase the participation in the economy. While women make up more than half of the population, they are not contributing meaningfully in the economy, so we are losing out on more than half of the talent and we need to address that," said Dlamini-Zuma.
Toyota Chairman Johan Van Zyl, who is a member of the PPGI, said the initiative seeks to ensure continuity in terms of interaction between the public and private sector on key projects.
To date, 24 sectors are participating in the PPGI with the full support of the firms in each sector.
These sectors include the automotive, agriculture, tourism manufacturing, forestry, mining, ICT, aerospace, business services construction, health, pharmaceuticals chemicals insurance, renewables, gas and oil, wind, retail, professional services, banking, small businesses, transport, defence industry and the water economy.
A further 18 proposed projects have been identified by the PPGI in the sectors of forestry, automotive, agriculture, aerospace, renewable energy, fuel, financial, manufacturing, ICT, tourism, construction and pharmaceutical.
This afternoon, the PPGI will engage with new sectors that are to be part of the initiative.
Businessman Roelf Meyer, who is also a member of the PPGI, said after the elections on 8 May, the final proposed plans will be presented to the new administration.
"By June or so we will be able to provide more detail as far as the projects are concerned," he said. –SAnews.gov.za