The Deputy Minister of Trade, Industry and Competition, Mr Andrew Whitfield says it is essential that South Africa’s economic growth is grounded in manufacturing-led growth and export-oriented economy. To this end, the department will support local industries to increase their manufacturing capacity and volumes, enhance their competitivess, and identify suitable export markets for their manufactured products.
Deputy Minister Whitfield was speaking during the debate on the Budget Vote of the Department of Trade, Industry and Competition (the dtic) in the National Council of Provinces (NCOP) in Parliament.
“It is essential that South Africa’s economic growth is grounded in manufacturing-led growth. Manufacturing is indeed less volatile and less vulnerable to economic downturns and will create real, sustainable and decent paying jobs for our people. South Africa must also create an export-oriented economy. A dedicated focus on manufacturing growth will also lead to export growth,” said Whitfield.
He added that one of the dtic’s key focus areas under the new administration will be a renewed export drive to lower the risk of slow domestic growth, while also identifying high growth opportunities.
“The creation of an export-oriented economy can be realised through a dedicated focus on implementing measures to boost the competitiveness of local industries in global markets, streamlining export processes, lowering trade barriers, offering financial and technical assistance to exporters, and cultivating beneficial trade alliances with other nations,” explained Whitfield.
He said South Africa’s exports in May this year totalled over R178 billion and the country recorded a trade surplus of over R20 billion, significantly higher than forecast, and the widest trade surplus in six months.
“This is commendable and illustrates the important contribution that exports can make to our fiscus. We will support local industries by building a supportive and competitive ecosystem to drive manufacturing growth. We will also identify intermediate goods that could make our manufacturers more competitive; as well as identify products that we produce competitively and the markets that consume those products in large and/or growing volumes,” added Whitfield.
The Deputy Minister of Trade, Industry and Competition, Mr Andrew Whitfield addressing the National Council of Provinces.
For media enquiries and interview requests:
Bongani Lukhele – Director: Media Relations
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E-mail: BLukhele@thedtic.gov.za
Issued by: The Department of Trade, Industry and Competition (the dtic)
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