Posted: August 20, 2020
A key pillar of economic reconstruction phase for South Africa post-Covid-19 will be further infrastructure investment and modernisation of South Africa’s network industries. This is according to the Chief Economist of the Department of Trade, Industry and Competition (the dtic), Mr Stephen Hanival.
He was part of the dtic’s delegation, which addressed a virtual meeting of the Portfolio Committee of Trade and Industry and Competition, to give an update on government’s response measures to the pandemic.
Hanival added that transformation must be a key objective pursued, to ensure a fairer economy and the inclusion of larger numbers of South Africans, among them women, the youth and black industrialists.
“Critical challenges will include addressing structural problems that hold back job creation and inclusive growth. To maximise impact and prevent import leakages, localisation prescripts will be significantly strengthened, in partnership with the private sector,” he added.
In his introductory remarks, the Director General of the dtic Mr Lionel October, told the meeting that the overriding objective of government efforts in dealing with the Covid-19 pandemic, has been to preserve South Africa’s industrial base.
The National Empowerment Fund’s (NEF) Covid-19 Black Business Fund, received over 500 applications amounting in excess of R 1 billion, and to date 28 projects for the value of approximately R174 million have been approved, 60 of the approved funding has been disbursed.
The Competition Tribunal confirmed 30 consent orders for a total contribution to the Solidarity Fund and other causes of R15.4 million, for cases of price gouging and excessive pricing by some businesses. Hanival says the monitoring of prices in the economy is continuing.
Sidwell Medupe-Departmental Spokesperson
Tel: (012) 394 1650
Mobile: 079 492 1774
Issued by: The Department of Trade, Industry and Competition
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