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Ramaphosa highlights green power as he calls on black business to rebuild SA economy

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President Cyril Ramaphosa has urged black businesses and industrialists to join in the efforts to reconstruct South Africa’s economy.

President Cyril Ramaphosa. File picture: Reuters, Esa Alexander

PRESIDENT Cyril Ramaphosa, in a recent address at the Black Business Council (BBC) gala dinner, urged black businesses and industrialists to join in the efforts to reconstruct South Africa’s economy. He emphasised the critical role of investment in job creation and economic transformation.

“Without investment, there can be no jobs. Without large-scale job creation, our prospects for achieving full economic transformation are diminished,” Ramaphosa warned.

The president highlighted green industrialisation as a significant opportunity for black businesses. He outlined the government’s focus on the production of electric vehicles, green hydrogen, and the processing of critical minerals essential for the battery value chain.

In February this year, Ramaphosa announced a comprehensive set of incentives to stimulate investment in these sectors over the next decade. These incentives aim to foster innovation, attract private capital, and expedite the adoption of green technologies, ensuring a just and equitable transition towards a sustainable future.

“By embracing green industrialisation and promoting a just transition, we are not only safeguarding our environment but also fostering economic resilience and creating new opportunities for our workforce,” Ramaphosa stated.

The president also noted the government’s commitment to economic inclusion and “levelling the playing field”. He said the Competition Commission will continue to conduct market inquiries to address high levels of economic concentration and encourage participation by small businesses.

“By identifying barriers to entry and promoting fair competition, we will create opportunities for emerging entrepreneurs to thrive and contribute to our economy. “These initiatives underscore our dedication to promoting economic empowerment, fostering entrepreneurship, and creating a more inclusive and equitable economy.”

Ramaphosa also acknowledged the “deep, fundamental and irreversible change” that South Africa has undergone over the past 30 years. He praised the valuable partnership of black businesses in this journey and expressed confidence in its continuation.

He commended the Black Business Council for responding to his call – made during his inauguration speech five years ago – for all South Africans to join the government in aiming for a future of growth and economic opportunity.

Despite challenges such as the global pandemic, civil unrest, natural disasters, energy and logistics crises, and slow economic growth, the president noted that the council has rallied with the government.

He also acknowledged the task of rebuilding capacity in key state institutions following the devastating years of state capture.

Ramaphosa concluded his address with optimism, encouraging continued partnership on the journey towards a fully transformed economy where no one is left behind.

Source: SAnews.gov.za

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