Parliament, Thursday, 4 July 2019 – The Portfolio Committee on Trade and Industry today received a briefing from the Minister of Trade and Industry, Mr Ebrahim Patel, on plans to increase manufacturing and jobs, among other things.
The committee was briefed on the State of the Nation Address as it relates to the department’s mandate. It was also briefed about the budget and Annual Performance Plan for the departments of Trade and Industry, and of Economic Development.
Committee Chairperson Mr Duma Nkosi said the committee commends the Minister and his departments for indicating promptly the key initiatives to ensure that the economy is growing, both evenly and inclusively.
Minister Patel told the committee that his department will also prioritise job development. This can be achieved with improved partnerships with the private sector. He emphasised that South Africa has had a positive trade balance for the past two years, and in the past 10 years exports have increased 178% and imports by 132%.
The committee said that although South Africans have fared well when compared to other sub-Saharan African countries in terms of industrialisation, South Africa will have to up its game in terms of manufacturing. In order to facilitate transformation of the economy, growth in the manufacturing sector is key in order to promote industrial development, job creation, investment and exports. The value of projected investment leveraged is R18 billion, the projected number of new and retained jobs supported from approved enterprises and projects is 18 000, with a projected 900 enterprises or projects approved for financial support across all incentives.
In terms of trade, investments and exports, the committee was briefed on the importance of continuing bilateral engagements with the rest of the world. Relations with the United States (US) of America and the African Growth and Opportunities Act was highlighted, as the US is becoming more protectionist. The importance of maintaining market access was highlighted.
The committee also learnt that the black industrialists development programme has moved from the implementation phase to finding market access for their manufactured goods.
Mr Nkosi said the committee will monitor all the plans on a regular basis as part of its oversight responsibility, in ensuring to hold the executive and departments to account.
ISSUED BY THE PARLIAMENTARY COMMUNICATION SERVICES ON BEHALF OF THE CHAIRPERSON OF THE PORTFOLIO COMMITTEE ON TRADE AND INDUSTRY, MR DUMA NKOSI
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