07 Feb 2017
The event organisers of the Mining Indaba has responded to President Jacob Zuma's reference to the record attendance at Africa's biggest mining showcase:
Philip LoFaso, Director of Marketing and Public Relations of the Mining Indaba, told Fin24 that this year’s event is attended by “the right kind of people” — more quality investors and companies.
Investors and mining firms are in general more upbeat about the sector in light of the more positive outlook for commodity prices in 2017.
The initial numbers show that attendance by mining companies has climbed by 32%.
07 Feb 2017
07 Feb 2017
07 Feb 2017
President Jacob Zuma has told journalist to stop asking him about a Cabinet reshuffle following his luncheon with members of his Cabinet, organised labour and business.
07 Feb 2017
07 Feb 2017
07 Feb 2017
The signing of agreements on labour stability and a national minimum wage, which was due to take place at the Business Investors Luncheon has been postponed until further notice. The postponement follows a request from Cosatu to be given time to provide a full report to its Central Executive Committee.
Cosatu earlier slammed the R20 an hour minimum wage as "ridiculous".07 Feb 2017
07 Feb 2017
On the other end earlier Finance Minister Pravin Gordhan told delegates attending the Mining Indaba:
Government are under increasing pressures to create better economic & social infrastructure. We have responsibility to give skills to youngsters and re-skill people because of technology.
07 Feb 2017
From Jacob Zuma's address to captains of industry:
One of the key issues we discussed the last time was the need to remove obstacles to doing business in our country. We established the Inter Ministerial Committee on Investment which has been discussing the coordination and alignment of investment policy and regulation including the marketing of South Africa as a preferred investment destination.
A dedicated division in the dti, InvestSA, has been established which will focus on investment promotion, facilitation and aftercare.
The national One Stop Shop service for investors will be launched in March 2017 at the dti Campus in Pretoria and 3 Provincial One Stop Shops will be launched by mid-2017. The One Stop Shops will be the focal point of contact in government for all investors to coordinate and facilitate with the relevant government departments involved in regulatory, registration, permits and licencing.
InvestSA will provide specialist advisory, intergovernmental coordination, fast track unblocking and red tape reduction in Government.
07 Feb 2017
From President Jacob Zuma's address to captains of industry:
A most important challenge we need to confront head on this year, is the scale of inequality and exclusion in this country. It needs urgent action. After two decades since democracy, the black majority still remains largely outside of the mainstream economy.
Social justice cannot be achieved if we allow the status quo to persist. Economic inclusion since 1994 demonstrated that we can grow the size of the economy. We have though, failed to ensure that the growth is shared. As we begin a new phase of economic recovery we have to make sure we take everyone along.
We have to rework and sharpen our transformation model and more importantly demonstrate commitment and empathy. We should never rest until the vision for a better life for all is realised, all of us as labour, business, the community sector and government.
07 Feb 2017
Excerpts of President Jacob Zuma's address to captains of industry:
We meet this year under improved conditions economically. Following a period of low economic growth in the last few years, prospects have improved for the years ahead.
We expect economic growth of 1.3 per cent in 2017 following an estimated 0.5 per cent in 2016. Improved commodity prices, and stronger global growth should encourage both investment and employment, and provide necessary support for exports.
Agriculture is expected to recover following improved weather conditions, while tourism and the manufacturing sector should be supported by the weaker rand and a recovery in economic activity in the region. We have reason to be optimistic. Despite the improved outlook, we have to acknowledge that we are not growing fast enough to significantly reduce our triple challenges of poverty, inequality and unemployment.
Unemployment currently stands at 27.1%. This is the highest rate since June 2004. Our youth unemployment stands at 44% for 18 to 29 year olds. In South Africa as in the rest of the world, the largest employers of unskilled workers are shrinking in importance. This puts more workers in the job market, being not only unemployed but also largely difficult to employ due to lack of skills.
Low economic growth and pressure on revenue suggest that the public sector can no longer be the main engine of jobs growth. We used to rely on government to absorb the unemployed. The public service is also facing pressure.
07 Feb 2017
07 Feb 2017
07 Feb 2017
07 Feb 2017
07 Feb 2017
07 Feb 2017
Cape Town – Finance Minister Pravin Gordhan acknowledged that mining companies who do business in South Africa need speedy solutions to the issues they are confronted with.
Gordhan was the guest speaker at law firm ENSafrica’s VIP lunch held on the sidelines of the 2017 Mining Indaba.
He added that the rules of mining has changed in the last couple of years and that it is simply not enough any longer to just “extract and export”.
“Today there are new pressures and mining needs to make a substantial contribution to GDP,” he said in reference to government’s beneficiation efforts.
07 Feb 2017
07 Feb 2017
07 Feb 2017
07 Feb 2017
President Jacob Zuma's pre-SONA Business Investor lunch is at Grand West in Cape Town. Fin24's Matthew le Cordeur and Zukile Daniel, News24 are there.
07 Feb 2017
President Jacob Zuma is hosting a pre-SONA business investor luncheon in Cape Town.
The session is attended by business leaders and leaders from organised labour.
According to the Presidency the meeting will serve as a platform to further strengthen cooperation between government, organised labour and business to promote inclusive economic growth, radical socio-economic transformation and job creation in South Africa.
This follows on a successful year (2016) of close cooperation between government, labour and business aimed at reigniting economic growth.
President Jacob Zuma will call for unity in action to drive South Africa on a sustainable growth path.
The President is accompanied by members of the Inter Ministerial Committee on Investment, which he established in 2016 to improve support and assistance to investors wishing to take advantage of vast investment opportunities in South Africa.