Mashatile calls on leaders from all sectors to build SA’s economy

Leaders from all sectors of society must join hands to build a resilient economy and fight corruption, says the Deputy President, Paul Mashatile. 

“We must collaborate, with each playing a distinctive part, to generate employment and boost trade and investment between our nations, the continent and the world,” he told delegates during a dialogue on the role of leadership in fostering economic growth, hosted by the African United Business Confederation (AUBC).

The roundtable dialogue held on Tuesday focused on the role of leadership in economic growth.

The Deputy President said he believed that effective leadership significantly affects the economic landscape of nations and societies. 

“We are convinced that to build our economy, leaders from all sectors, including business, politics, government, and civil society, must work together,” he said.  

“Our roles are all important, and if one lags behind, it will affect the growth of our economy. It is our duty as political leaders in government to formulate policies that promote an environment conducive to economic growth.”

The country’s second-in-command said effective economic policies can stimulate innovation, promote entrepreneurship and drive innovation. 

“As you may have observed, since the advent of democracy, we have created political stability by promoting free and fair elections, which will continue to be the case in the upcoming election on 29 May 2024.” 

The Deputy President said a stable political environment is critical for investor confidence and economic growth. 

He told the private sector leaders that they have a responsibility to foster entrepreneurship and innovation, both of which are vital to economic expansion and job creation. 

In addition, he said, the private sector is key to enhancing the competitiveness of the South African economy. 

“Together, as leaders, we possess the foresight to identify opportunities, mitigate risks, and make strategic decisions that drive sustainable economic development.”

He acknowledged that despite attaining political freedom and substantial advancements since 1994, South Africa is yet to realise economic freedom and an economy that adequately provides for the majority of its population. 

“As present-day leaders across various sectors of our society, we must set aside our differences and concentrate on fully rousing the potential of South Africa’s economy. 

“We must proactively address socio-economic challenges such as high unemployment, poverty, inequality and corruption.” 

Corruption

He added that in order to reach the goal of ending poverty and boosting economic growth set out in the National Development Plan, “we must all work together to fight corruption and support accountability, openness, and good government”. 

The fight against corruption should be multifaceted, involving both the public and private sectors. 

“We have to strengthen anti-corruption partnerships, intensify efforts, and promote a zero-tolerance approach to corruption led by capable leaders, who are resilient, highly adaptable and willing to implement bold reforms to surmount our challenges and transform the economy.” 

Inclusion

In addition, he called on leaders across sectors to be intentional in their inclusion of women, youth and other marginalised groups in economic reform efforts. 

He also touched on the Red Tape Reduction Team introduced by President Cyril Ramaphosa to improve the ease of doing business in the country and further stimulate business development. 

“The team focuses on reducing red tape in priority areas such as mining rights, tourism operator licenses, travel visas, work permits, and the informal sector, aiming to create a competitive and vibrant economy.” 

In addition, he said government has also reduced regulatory hurdles for small and medium-sized enterprises (SMMEs) and cooperatives, reduced VAT refund processing time from 15 weeks to four to five weeks and reduced the corporate income tax audit process from 32 weeks to 17 weeks.

“We have a collective role to play in paving the way for future generations of leaders to contribute to the transformation of our economy. Through strategic leadership, we unlock the countries’ potential, drive innovation, and create a better future.” – SAnews.gov.za