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Vavi: Private sector must invest more

Sep 18 2012 11:27 Sapa

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Johannesburg - Investment policy needs to be addressed in order to deal with unemployment, Congress of SA Trade Unions (Cosatu) general secretary Zwelinzima Vavi said on Tuesday.

"The private sector is hoarding close to R1.2 trillion in uninvested cash," Vavi told delegates at Cosatu's 11th national congress in Midrand, Johannesburg.

"This is social surplus which workers have produced, and which business are refusing to invest productively."

Vavi was delivering the Cosatu political report on the second day of the conference.

A weakness of the federation was that there were no campaigns to combat capitalism, because of differing ideas which caused fights among the affiliates.

"Where is the Cosatu march to the JSE (Johannesburg Stock Exchange) to say please invest this money... We want to work with you to make sure you invest," said Vavi.

"Where are these campaigns?"

He said macroeconomic policy remained at the heart of many disagreements on the economy.

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cosatu  |  zwelinzima vavi  |  investing  |  sa economy
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