Finance Minister Pravin Gordhan delivering his Budget Speech. (Picture: AFP) ~ AFP
Johannesburg - Investing in innovation will help South Africa grow faster, Finance Minister Pravin Gordhan said on Thursday.
"Invest in the real economy... and innovation as opposed to investing in speculative activity," he said at a televised New Age business breakfast.
"In the South African context, we need more of the money that is in circulation or in savings... that will enable us to grow much faster."
On Wednesday during his 2013 Budget Speech, Gordhan said that in recent times the world has become a more uncertain place for businesses, causing some to build cash reserves rather than invest in new or expanding operations.
He encouraged businesses to keep investing in the economy, and seize the opportunities around them.
Gordhan explained that growing the economy meant expanding business activity.