17 October 2002
President Thabo Mbeki on Wednesday afternoon, 16 October met a delegation of the Big Business Working Group, the second such meeting this year. The President was accompanied by the Ministers of Trade and Industry, Public Works, Finance and Minerals and Energy as well as Deputy Ministers of Finance and Trade and Industry.
The Big Business Working Group delegation consisted of Messrs Saki Macozoma (NAIL), Johan Rupert (Remgro), Andre Fourie (NBI), Dave Brink (Murray & Roberts), Derek Cooper (Standard Bank), Eugene van As (Sappi), Jim Sutcliff (Old Mutual), G Mackay (SAB), Leon Vermaak (Sanlam), Reuel Khoza (Eskom), T Traher (Anglo American) and Michael Spicer (Anglo American).
This interaction forms part of the regular meetings between the President and various role-players in the economy. The other Working Groups are composed of labour, the agricultural sector and black business.
Discussion at the meeting included a presentation by Big Business on proposals for joint action between government and business to build confidence in South Africa among both local and foreign investors.
The delegations were at one that great strides had been made in macro-economic areas such as fiscal and monetary policy as well as trade and industry policy. The challenge that both sides, and indeed all South Africans, face is to ensure that these successes are promoted as effectively as possible especially in the global arena. At the same time, common and consistent messages need to be developed on work being done to deal with such challenges as developments in Zimbabwe and HIV/AIDS.
Government briefed the Big Business delegation on the meeting held over the last weekend with the International Investment Council (IIC). The meeting noted the commonality of views among the BBWG, the IIC and government on most of the critical challenges facing South Africa. Both the BBWG and the IIC are also prepared to roll up their sleeves in practical action to address the key challenges.
The delegations agreed that a meeting would be arranged as soon as possible, over two days, between government and the BBWG to examine in detail all the critical issues pertaining to further improvement of investor confidence, and to ensure an even better understanding of each other's perspectives.
It was also agreed that mechanisms would be put in place for quick interaction between government and the BBWG, when necessary, on such issues as the black economic empowerment process, common messages on major developments, and international joint action to attract investments.
Both sides reiterated their commitment to the Growth and Development Summit which will be held early next year. They noted the progress that is bing made through NEDLAC to identify substantive issues for discussion at the Summit.
A joint meeting involving all the Working Groups is planned for November, and issues on the agenda include: government's Medium-Term Expenditure Framework (MTEF), Nepad and the Growth and Development Summit.
Issued by: Government Communications (GCIS)