The Economic Development Ministry will take over responsibility for a host of institutions and regulatory bodies to ensure they are aligned with the State's vision for growth, according to Minister Ebrahim Patel's strategic plan tabled in Parliament on Thursday.

The much-awaited plan sets out a programme of action for Patel's new department, which was created when President Jacob Zuma announced his Cabinet ten months ago.

After considerable speculation about Patel's mandate, the plan states that his department will "draft economic planning proposals that promote the coherence and alignment of the State's and State entities' economic plans and foster South Africa's growth path and need for substantial job creation".

The document gives the ministry a role in macro-economic policy in terms of identifying "policy option available to the country" and evaluating these "against development and decent work goals".

It confirms that the Industrial Development Corporation (IDC), Khula Enterprise Finance and the South African Micro-finance Apex Fund will in future report to Patel's department, instead of to trade and industry.

He said that the department planned to sharpen the focus of each entity, notably to make sure the "invest decisions of the IDC reflects more clearly the new economic mandate".

The department will also become the reporting authority for the Competition Commission and the Competition Tribunal.

It plans to set up an Economic Development Institute and an advisory panel of local and international experts to analyse data, conduct research and help shape policy.

The document, on which Patel will brief Members of Parliament on Friday, stresses the need to create decent work to resolve an "intolerable" employment crisis and says South Africa must "leverage more jobs" from economic ties with major powers like China, Japan, Europe, India and the United States.

At a local level, the department will seek to create a policy framework on bringing entrepreneurs, especially black entrepreneurs, into the mainstream economy.

The plan also proposes holding an annual economic development conference to promote research and policy coherence.