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Cape Town - Government will spend R3.6bn on the local textile and clothing sector as well as the motor industry - two of the most labour intensive industrial clusters in SA.
In a Budget speech that reiterated job creation, Finance Minister Pravin Gordhan indicated that R1.8bn would be earmarked for clothing and textile production incentives and another R1.8bn would be set aside for the automotive production development programme.
Gordhan said that turning an economy around and achieving the kind of transformation required to draw in the millions of unemployed people was not an easy task.
"It will take time and forward-looking policies that are effectively implemented. We must have the courage to make difficult choices about investment priorities, industrial policy options, technology alternatives and trade strategies."
He pointed out that Brazil, India, China and a host of middle income countries were actively taking steps to improve their competitiveness as well as remove obstacles to growth and employment. "South Africa must not be left behind."
- Fin24.com