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Zuma sombrely acknowledged that economic growth had lagged far behind the government's targets for three years and that many South Africans were struggling.
He urged efforts to boost investment, stabilise the mining sector and its workforce, resolve energy shortages and alleviate vast income inequalities.
To this end, a national minimum wage to reduce the income inequalities that persisted in the country twenty years into democracy might be introduced.
"Change will not come about without some far-reaching intervention," Zuma said, adding that nothing would cure the ailments of the post-apartheid society as rapidly as job growth.
But he stressed that for this it was imperative to boost growth and this could only be done if investment levels increased.
"Creating work requires faster economic growth.
"The low level of investment is a key obstacle to growth. We would like to see the private sector showing as much confidence in the economy as the public sector."
The president added that government would put special focus on the strife-ridden mining industry and would monitor 2014 targets and "extend this right to dignity to mine workers".
"Companies are expected to convert or upgrade hostels in family units ... and also facilitate a home ownership option for mine workers."
Turning to energy restrictions, Zuma signalled that the government planned to push ahead both with nuclear energy generation and shale gas exploration.
"Nuclear has the capacity to produce well over 9000 megawatts while shale gas is recognised as a game changer for our economy.
"We will pursue the shale gas option withing the framework of our good environmental laws."
