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Economic growth insufficient — Sexwale

15th October 2010

By: Sapa

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South Africa's economic growth, which is currently below 4%, is "insufficient," the Minister of Human Settlements Tokyo Sexwale said on Friday.


He was speaking at the South African Chamber of Commerce and Industry's (Sacci's) annual convention in Johannesburg.

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"During his visit to the People's Republic of China - one of the most powerful economies breathing down the neck of the US - President Jacob Zuma said that our growth rate should be 7%," Sexwale said.


However, for South Africa's growth to reach 7%, it was necessary to adopt a partnership effort.

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"For this we must look at the recent rescue mission in Chile where 33 miners were saved - it was not a miracle, but rather the result of a concerted effort by many."


Sexwale said this kind of partnership approach could be used to turn South Africa from a developing country into a developed nation.


"Michael Spicer of Business Leadership SA suggested recently that we take a lesson from the South Korean example to become a developed economy in 30 years."


Sexwale said that South Africa could not remain a developing country for the next 100 years.


"We can't enter the next century as a developing market and it is crucial that in the future that South Africa be recognised for its strong economic muscle and not just its negotiation skills," he said.

 

 

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