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The CEO Initiative supports the measures outlined today by President Cyril Ramaphosa that are aimed at reviving our economy and creating a more investor-friendly environment. If implemented with urgency, we believe these changes will significantly aid our shared goal of sustainable and inclusive growth.
 
Jabu Mabuza, Co-Convenor of the CEO Initiative, commented: “The stimulus and recovery plan demonstrate the political will to make the necessary, tangible reforms that our economy needs in order to perform at its optimal level and deliver change in the lives of the most vulnerable in our society. We are particularly encouraged by the undertaking from the president and Minister of Finance that this stimulus will be implemented by reallocating existing resources, as well as embracing other forms of financing through partnerships, rather than adding to the sovereign debt level.”
 
Over the past two years, the CEO Initiative has had various consultations with government and labour and identified numerous areas of structural reform that the government can enact to enable greater investment and economic activity.
 
“In this regard, we are pleased with the announcements outlining amendments to our visa regime, the clarity and certainty provided to the mining sector, the unlocking of value in the telecommunications sector, as well as the intention to reduce the cost of doing business in South Africa. While many challenges remain, these measures would go a long way towards making our economy more competitive compared to our emerging market peers,” said Mabuza.
 
The CEO Initiative supports the reprioritisation of spending towards investments in agriculture and rural economies, both of which have significant potential to reduce unemployment.
 
“We also welcome the appointment of an advisory panel to help the government achieve fair and equitable land redistribution, and provide much-needed certainty to citizens and investors on the protection of rights enshrined in the Constitution,” said Mabuza.
 
The practical measures to address the shortcomings in schools’ sanitation facilities and the healthcare sector should provide further support to the most vulnerable in our country.
 
The South Africa Infrastructure Fund presents an opportunity to effect tangible change through the private sector partnering with government by investing in our country’s infrastructure.
 
“As business, we echo the president’s sentiment that our country’s challenges cannot be overcome by one partner alone, and we reiterate our continued commitment to lend a hand in rebuilding our economy for the benefit of all South Africans,” Mabuza concluded.
 

Issued by The CEO Initiative