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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.
"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.
"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.
Edited by: Sapa
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Human Settlements Minister Tokyo Sexwale
(Picture by: Bloomberg News)
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