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Zuma: South Africa needs you

May 30 2013 11:41 Fin24
Jacob Zuma

President Jacob Zuma says the government can't go it alone. (Picture: AP)

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Cape Town - President Jacob Zuma said on Thursday South Africa needs faster economic growth and a stable and growing mining sector is needed to accomplish this.

The government cannot deliver this on its own, he said at a media briefing at the Union Buildings in Pretoria about the economy and developments in the mining industry.

"We need all South Africans to play their part to promote our country to enhance economic growth in any possible way," he said.

Zuma said the country needs a stable and growing mining industry, a key feature of the economy for more than 130 years.

Even though it is now smaller relative to the size of the bigger economy, mining remains a cornerstone of economic growth, he said. 

He said all parties should work together to increase economic growth from the 0.9% GDP reported in the first quarter of 2013 to the 2.7% growth targeted by government.

He said in addition to its contribution to GDP, the mining sector is responsible for 60% of export revenue and is a valuable contributor to corporate taxes.

It also provides jobs for about one million South Africans and nationals of neighbouring countries.

He urged organised labour, business and the government to help stabilise the sector in order to reassure investors and local society.

Referring to last year's deadly labour unrest in the mining sector, Zuma said it is against this background of economic and social difficulties that the government has embarked on various initiatives to stabalise the mining sector and the greater economy.

- Fin24


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jacob zuma  |  gdp  |  mining unrest  |  sa economy


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