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Cape Town – Successful economies have harnessed state-owned enterprises (SOEs) and private enterprises, Deputy President Cyril Ramaphosa said on Wednesday.
“The magic is in how you harness the public and private sector,” he told parliament in a national assembly sitting.
Ramaphosa responded to a question by Economic Freedom Fighters (EFF) MP Floyd Shivambu on what the government was doing to promote non-capitalist development. He was giving a progress report on the National Development Plan (NDP).
Capital investment was rising ‘in leaps and bounds" and the government had no plans to drop the NDP, Ramaphosa said adding the initiative had been adopted by nearly every party in parliament.
“Clear outcomes, clear deliverables and clear timeframes have been set out. By 2020 the government hoped to have an economy growing at 5%," he said.
Simultaneously Ramaphosa said the economy was facing "headwinds with slow growth", but indicated the situation was not limited to South Africa and was happening globally.
According to Ramaphosa, the commodity price plunge were driven by lower demand from China and higher interest rates from the US.
