Date: 04/09/2003
Source: Gauteng Provincial Government
Title: Shilowa: Opening of Old Mutual's head office in Gauteng
ADDRESS BY GAUTENG PREMIER MBHAZIMA SHILOWA AT THE OPENING OF THE OLD MUTUAL GAUTENG HEAD OFFICE, Sandton, 4 September 2003
Master of Ceremonies
Old Mutual Managing Director, Roddy Sparks
CEO of Gauteng Operations, Khehla Mthembu
Other old Mutual Executives
Distinguished Guests
Ladies and gentlemen
Earlier this year when we opened the Gauteng Provincial Legislature we made a bold assertion that our province has become a better place in which to live. This was based on the evidence that many people in this province, especially those who had endured pain and suffering during apartheid times, had seen a great deal of improvement in their quality of life.
Despite claims that life has become worse since 1994 and that South Africa has laws and regulations that deter investments, millions of the people Gauteng, especially those who benefit from the policies and programmes that our government has implemented since its inception agree with us that Gauteng has indeed become a better place in which to live and do business.
Today's occasion is further acknowledgement of the correctness of our assertion that Gauteng is a better place in which to do business. It is important to note that this acknowledgement is made by South Africa's largest financial services company with a market capitalisation of about R44billion.
The Gauteng Provincial Government sees the opening of this head office as an expression of confidence by Old Mutual in Gauteng's economy. It is only appropriate that South Africa's largest financial services company should make its mark in the country's financial heartland.
Our province, because of its strategic location and many other factors, has a unique role in the reconstruction and development of South Africa. It is South Africa's economic hub, contributing almost 40% to the GDP. It has the highest skills base and boasts South Africa's largest and most prestigious academic and research institutions. It is home to local and foreign banks, financial services companies and other corporations. Gauteng is also the most urbanised area in South Africa, with three of the country's metropolitan areas located here.
The opening of this Gauteng Old Mutual Head Office comes soon after the relocation of Barclays Bank Africa's headquarters to Johannesburg. It also takes place the same week that the Ford Motor Company of Southern Africa announced its one billion rand export programme. This follows the trend that has already been set by other leading automotive manufacturing companies that have chosen South Africa, Gauteng in particular, as a suitable location in which to do business.
A few years ago the Gauteng Provincial Government adopted a plan to develop Gauteng and put its economy on a new growth path to encourage more productions, higher output, investment and job creation.
Our vision is to transform Gauteng into a globally competitive smart centre which would become a hive of economic activity.
In terms of this plan we identified high performance economic sectors and, together with business role-players, agreed on the necessary interventions that we need to make to ensure that these sectors continue to grow and address the reconstruction and development needs of our province. Among the key growth sectors that we identified are value added manufacturing, technology, business tourism and financial services.
We have already seen several world acclaimed companies choosing Gauteng as a location from which they would do their business. They are doing so because of the things that we have been doing to create a climate that is conducive to investments.
Earlier this year I witnessed the opening of one of the world's largest industrial diamond manufacturing facility in our own province in Springs.
Many other world acclaimed companies are choosing Gauteng as a suitable location in which to do business. They do so not just because they like us or they feel pity for us. They choose Gauteng because it makes perfect business sense to do business in Gauteng.
When globally competitive companies choose our province as a suitable location in which to do business we can only read one message - that Gauteng is fast becoming a globally competitive smart province.
As all of us should know, the 2001 census results have confirmed the migration trend that we have been over the past few years. Many people have moved from their provinces to Gauteng as they believe that in this relatively wealthier province, as compared with the other provinces, they are more likely to find employment opportunities than they would elsewhere in the country.
This creates more challenges on the Gauteng Provincial Government. It means that when we do our planning we should not only be looking at the people who permanently reside in Gauteng but we should also take into account the fact that more people are likely going to move to our province for greener pastures.
In view of all these realities, Gauteng, without competing or being seen to be competing with other provinces, has to approach issues of development with a broad vision of helping South Africa to develop. Gauteng must succeed for South Africa to succeed.
One of the challenges facing the financial services sector is transformation to allow more blacks, workers and women to have a meaning role in the economy. Whatever the outcome of the charter, it will be meaningless unless it addresses the issue of ownership, participation and management control by black people. It is unacceptable that nearly ten years after the advent of democracy the industry has yet to transform itself.
I hope that Old Mutual will take the lead in this regard. I do not mean to belittle recent announcements by some financial institutions, but I think there is something wrong in our country when we are expected to celebrate a few steps being taken instead of a thoroughgoing transformation. It is like being asked to applaud as a bold move, a forced introduction of a better player by the coach when a soccer team is not performing well.
I have been informed that the recently appointed CEO of Gauteng operations, Khehla Mthembu, has as his main brief increasing Old Mutual's market share and presence in the province.
The Gauteng Provincial Government supports this decision by Old Mutual to increase its presence in our province. We hope that a significant amount of the new investments that Old Mutual will be making in the province will be in infrastructure development as this will contribute towards job creation.
We look forward to a mutually beneficial relationship between the Gauteng Provincial Government and Old Mutual.
Congratulations on the opening of your new Gauteng Head Office
Issued by the Gauteng Provincial Government, 4 September 2003
Source: Gauteng Provincial Government
Title: Shilowa: Opening of Old Mutual's head office in Gauteng
ADDRESS BY GAUTENG PREMIER MBHAZIMA SHILOWA AT THE OPENING OF THE OLD MUTUAL GAUTENG HEAD OFFICE, Sandton, 4 September 2003
Master of Ceremonies
Old Mutual Managing Director, Roddy Sparks
CEO of Gauteng Operations, Khehla Mthembu
Other old Mutual Executives
Distinguished Guests
Ladies and gentlemen
Earlier this year when we opened the Gauteng Provincial Legislature we made a bold assertion that our province has become a better place in which to live. This was based on the evidence that many people in this province, especially those who had endured pain and suffering during apartheid times, had seen a great deal of improvement in their quality of life.
Despite claims that life has become worse since 1994 and that South Africa has laws and regulations that deter investments, millions of the people Gauteng, especially those who benefit from the policies and programmes that our government has implemented since its inception agree with us that Gauteng has indeed become a better place in which to live and do business.
Today's occasion is further acknowledgement of the correctness of our assertion that Gauteng is a better place in which to do business. It is important to note that this acknowledgement is made by South Africa's largest financial services company with a market capitalisation of about R44billion.
The Gauteng Provincial Government sees the opening of this head office as an expression of confidence by Old Mutual in Gauteng's economy. It is only appropriate that South Africa's largest financial services company should make its mark in the country's financial heartland.
Our province, because of its strategic location and many other factors, has a unique role in the reconstruction and development of South Africa. It is South Africa's economic hub, contributing almost 40% to the GDP. It has the highest skills base and boasts South Africa's largest and most prestigious academic and research institutions. It is home to local and foreign banks, financial services companies and other corporations. Gauteng is also the most urbanised area in South Africa, with three of the country's metropolitan areas located here.
The opening of this Gauteng Old Mutual Head Office comes soon after the relocation of Barclays Bank Africa's headquarters to Johannesburg. It also takes place the same week that the Ford Motor Company of Southern Africa announced its one billion rand export programme. This follows the trend that has already been set by other leading automotive manufacturing companies that have chosen South Africa, Gauteng in particular, as a suitable location in which to do business.
A few years ago the Gauteng Provincial Government adopted a plan to develop Gauteng and put its economy on a new growth path to encourage more productions, higher output, investment and job creation.
Our vision is to transform Gauteng into a globally competitive smart centre which would become a hive of economic activity.
In terms of this plan we identified high performance economic sectors and, together with business role-players, agreed on the necessary interventions that we need to make to ensure that these sectors continue to grow and address the reconstruction and development needs of our province. Among the key growth sectors that we identified are value added manufacturing, technology, business tourism and financial services.
We have already seen several world acclaimed companies choosing Gauteng as a location from which they would do their business. They are doing so because of the things that we have been doing to create a climate that is conducive to investments.
Earlier this year I witnessed the opening of one of the world's largest industrial diamond manufacturing facility in our own province in Springs.
Many other world acclaimed companies are choosing Gauteng as a suitable location in which to do business. They do so not just because they like us or they feel pity for us. They choose Gauteng because it makes perfect business sense to do business in Gauteng.
When globally competitive companies choose our province as a suitable location in which to do business we can only read one message - that Gauteng is fast becoming a globally competitive smart province.
As all of us should know, the 2001 census results have confirmed the migration trend that we have been over the past few years. Many people have moved from their provinces to Gauteng as they believe that in this relatively wealthier province, as compared with the other provinces, they are more likely to find employment opportunities than they would elsewhere in the country.
This creates more challenges on the Gauteng Provincial Government. It means that when we do our planning we should not only be looking at the people who permanently reside in Gauteng but we should also take into account the fact that more people are likely going to move to our province for greener pastures.
In view of all these realities, Gauteng, without competing or being seen to be competing with other provinces, has to approach issues of development with a broad vision of helping South Africa to develop. Gauteng must succeed for South Africa to succeed.
One of the challenges facing the financial services sector is transformation to allow more blacks, workers and women to have a meaning role in the economy. Whatever the outcome of the charter, it will be meaningless unless it addresses the issue of ownership, participation and management control by black people. It is unacceptable that nearly ten years after the advent of democracy the industry has yet to transform itself.
I hope that Old Mutual will take the lead in this regard. I do not mean to belittle recent announcements by some financial institutions, but I think there is something wrong in our country when we are expected to celebrate a few steps being taken instead of a thoroughgoing transformation. It is like being asked to applaud as a bold move, a forced introduction of a better player by the coach when a soccer team is not performing well.
I have been informed that the recently appointed CEO of Gauteng operations, Khehla Mthembu, has as his main brief increasing Old Mutual's market share and presence in the province.
The Gauteng Provincial Government supports this decision by Old Mutual to increase its presence in our province. We hope that a significant amount of the new investments that Old Mutual will be making in the province will be in infrastructure development as this will contribute towards job creation.
We look forward to a mutually beneficial relationship between the Gauteng Provincial Government and Old Mutual.
Congratulations on the opening of your new Gauteng Head Office
Issued by the Gauteng Provincial Government, 4 September 2003
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