• Comment of the day

    Jacques on Muthumbi junket: next the police minister will go to a renewables congress.

  • Rand in crisis

    The rand plunge reflects SA's leadership woes, says Leopold Scholtz.

  • Ignorance is no excuse

    The SA Tourism CEO should stop shifting blame for the visa fiasco, says Solly Moeng.

All data is delayed
See More

Cosatu praises Patel

Apr 18 2011 16:21

Cape Town - The government is at last putting its money where its mouth is on the job front, Cosatu said on Monday.

In a statement welcoming pronouncements by Economic Development Minister Ebrahim Patel in debate on his budget vote at Parliament, the Cosatu said it was impressed by his commitment.

"The federation is impressed by the minister's commitment, and detailed proposals to implement his mandate... to promote sustainable economic growth and decent employment, in particular the vision of the new growth path to create five million new jobs by 2020.

"Indeed, it now seems at last that government is putting its money where its mouth is on the job front."

Cosatu said that among the "very encouraging items" from Patel's speech was a new mandate for the Industrial Development Corporation (IDC).

"The minister announced a new focus for the IDC, in particular that it 'must play a central role to encourage new economic activities, support new job-creation and promote a greener economy. It must think ahead of the market, taking a longer-term and more developmental view than private investors'.

The government had mandated the IDC to review its level and cost of funding, investment focus, and turn-around time on applications.

Following this review, the IDC would substantially increase the level of industrial funding and would make available R102bn over the next five years for investment in new growth path priorities.

"This represents a 160% increase over actual approvals in the last five years and revised upward from the R66bn in its current five-year projections. This is a serious commitment," Cosatu said.

It also welcomed a commitment that Patel's department would announce specific targets and actions for supporting employment creation over the next 10 weeks, when it tabled its spending plans in Parliament.

Among other things, Cosatu further welcomed Patel's saying there would be an intensified focus on the so-called green economy; his outlining of concrete interventions to support small and micro enterprises; and localisation plans for components to maximise employment creation.

"The federation is highly encouraged by the tone and thrust of the address, and will continue to engage with government and business through Nedlac, on how we can work together to assist the minister to deliver on all these undertakings," it said.
cosatu  |  idc  |  ebrahim patel  |  growth plan



Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Add your comment
Comment 0 characters remaining

Company Snapshot

We're talking about:


Myths that funding and red tape are the two biggest challenges faced by emerging companies and entrepreneurs, have been debunked by a report.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Sarb’s possible intervention in the markets to stem the rand’s fall is:

Previous results · Suggest a vote