African National Congress MP Jeremy Cronin took chemical producer Sasol and local clothing retailers to task on Thursday evening, accusing the former of "crippling" the South African economy and the latter of lying.

Speaking in Cape Town at a debate among six political parties on the continuing global economic meltdown, he singled out the two, plus the local mining sector, for a tongue lashing.

"We need to be much tougher on competition policy, on getting rid of the collusion that exists among the big private sector players¬- the mining houses, the Sasols and so forth. They're literally crippling our economy.

"Sasol is charging downstream plastic producers 40% more than they're charging on foreign markets for PVCs, which are the basic components of plastic. We've really got to get tough on these characters."

There was also a need to get tough with the retail clothing industry, in order to protect and defend local textile manufacturers.

"For instance, there is a 60% discrepancy between what China is saying it's exporting to South Africa, and what we are recording through customs and excise has been imported from China.

"That means the big clothing retail people are basically lying about what they're importing and the sources of their imports. So we need to get much tougher," he said.

The debate was facilitated by the Helen Suzman Foundation.

Speaking at the event, United Democratic Movement head Bantu Holomisa warned that South Africans should not think for one moment the growing global economic crisis was not going to hit them.

He also referred to ANC Presidential candidate Jacob Zuma's lack of economic expertise.

"The person who is widely expected to take over the reins of the Executive in seven weeks time, is not considered an economic specialist.

"In itself, Jacob Zuma's lack of economic credentials is not a concern... What is worrying is the people who seem likely to play an influential role in economic leadership in government.

"While it is disputed by the ruling party, there seems a growing sense that Trevor Manuel's star is on the wane. It isn't a question of if, but rather when he leaves," he said.

Holomisa, the only party leader at the debate, noted that while South Africa had a stable banking system and good foreign relations, the economy suffered from several serious weaknesses.

"We have a balance of trade deficit. Our economy is extremely dependent on exports. At the same time we are incredibly dependent upon dollar-price imports of vital commodities, not least of all oil and food.

"We have a significant shortage of skills in the economy, and we have a high unemployment rate estimated at between 25% and 30%.

"We have an electricity grid that teeters on the brink of breakdown. We also suffer from water scarcity, a basic resource needed by agriculture and industry and socio-economic development.

"We also have millions of people who continue to exist on the margins of the formal economy," he said.

Also taking part in the debate were Independent Democrats chief whip Lance Greyling, Inkatha Freedom Party MP Narend Singh, Congress of the People spokesman Philip Dexter and Democratic Party MP Kobus Marais.

It comes against a background of the modern world's biggest-ever financial meltdown, which exploded in September last year with the failure of several large US-based financial firms.

It has since spread, with more high-profile insolvencies and huge declines in stock market prices.

Governments around the world are looking at, or have already implemented, a variety of so-called stimulus or bail-out packages involving hundreds of billions of dollars.

Observers believe the situation is likely to get worse before it gets better.

All those participating in Thursday's debate agreed there was a need for a form of "national indaba" to thrash out ways of coping with the crisis.