Report says that the medium term programme of South Africa is to give priority to the promotion of intra-African trade.
The Director-General of the Department of
Trade and Industry (the dti), Mr Lionel October, said the country was
meeting its objectives.
Trade and Industry (the dti), Mr Lionel October, said the country was
meeting its objectives.
He briefed the Portfolio Committee on
Trade and Industry on the department’s annual progress meeting on its
Annual Report 2017/18.
Trade and Industry on the department’s annual progress meeting on its
Annual Report 2017/18.
“The priority for this government in the
medium term is to promote intra-African trade and broaden integration
across existing regional communities within a development integration
framework.
medium term is to promote intra-African trade and broaden integration
across existing regional communities within a development integration
framework.
As a result, South Africa has acceded to
the African Continental Free Trade Area agreement with the African Union
and due to these efforts, the rest of Africa is still a major
destination for South Africa’s exports, estimated
at approximately 30 per cent,” said October.
the African Continental Free Trade Area agreement with the African Union
and due to these efforts, the rest of Africa is still a major
destination for South Africa’s exports, estimated
at approximately 30 per cent,” said October.
He added that it was important to note
that South Africa’s exports to the rest of Africa were mainly in
value-added products, thus supporting the objectives of industrial
development, job creation and economic transformation.
that South Africa’s exports to the rest of Africa were mainly in
value-added products, thus supporting the objectives of industrial
development, job creation and economic transformation.
“With regards to the transformation of
the economy to promote industrial development, investment,
competitiveness and employment creation, exports have doubled in the
10-year period, which has also seen R45 billion worth of investment
by the majority of the world’s leading global vehicle manufacturers.
the economy to promote industrial development, investment,
competitiveness and employment creation, exports have doubled in the
10-year period, which has also seen R45 billion worth of investment
by the majority of the world’s leading global vehicle manufacturers.
In the leather sector, 22 new factories were opened, supporting 2 200 jobs,” stated October.
According to October, 849 enterprises received financial support across all incentives of the department.
That he said, would result in over 28 000
jobs projected to be retained and over 15 000 new jobs projected to be
created through these approvals. R36 billions of private sector
investment was leveraged across all incentives.
jobs projected to be retained and over 15 000 new jobs projected to be
created through these approvals. R36 billions of private sector
investment was leveraged across all incentives.
October also said in the efforts of
facilitating broad-based economic participation through targeted
interventions to achieve more inclusive growth, the number of investors
in four operational Special Economic Zones increased
from 72 to 84, and the number of total direct jobs increased from 10
443 to 13 948.
facilitating broad-based economic participation through targeted
interventions to achieve more inclusive growth, the number of investors
in four operational Special Economic Zones increased
from 72 to 84, and the number of total direct jobs increased from 10
443 to 13 948.
October concluded his presentation with
an announcement that the dti achieved a financially unqualified opinion
with no findings, commonly known as a “clean audit” opinion.
an announcement that the dti achieved a financially unqualified opinion
with no findings, commonly known as a “clean audit” opinion.
“This means that the dti’s 2017/2018
financial statements were free from material misstatements and there
were no material findings reported on performance objectives or
non-compliance with legislation,” stated October.
financial statements were free from material misstatements and there
were no material findings reported on performance objectives or
non-compliance with legislation,” stated October.
