Zuma at WEF; South Africa to invest over $100 billion in infrastructure
South African President Jacob Zuma addressing the World Economic Forum (WEF) yesterday Thursday stated that South Africa will be investing over $100 billion in developing the country’s infrastructure.
“We are investing more than R800 billion over the next few years in water, roads, electricity, rail and other key infrastructure to improve the competitiveness of our economy and improve the quality of life,” said Zuma.
The World Economic Forum held annually is currently ongoing in Davos, Switzerland; it began on the 25th of January and will continue till the 29th of January.
Zuma also mentioned South Africa’s New Growth Path (NGP) policy that will hope to see gradual reduction in unemployment from 25% to 15% and create up to 5 million jobs by 2020.
The South African President blamed the apartheid for the country’s present unemployment issues which in turn forced the government to come up with the New Growth Path.
“We inherited from apartheid some of the highest levels of joblessness in the world,” observed Zuma, “This has necessitated the development of a New Growth Path that would help us boost economic growth and job creation in order to reduce and ultimately eradicate unemployment and poverty.”
Zuma pointing out the actions to be taken by the government through the NGP policies said that the government will work towards making the economy more efficient and productive through substantial investments in sectors including infrastructure, education and skills development.
South Africa under the plans of the NGP will also encourage economic activities in areas such as infrastructure development, agriculture, mining and beneficiation, manufacturing, the green economy and tourism.
Zuma also noted that the government’s partnership with business and labour has been enhanced as the State can’t be held responsible as the primary job creator as it only prepares the environment for economic growth.
“The State is not the primary job creator. The state prepares the environment for economic growth and provides support to the private sector by providing enablers and removing obstacles,” he said.
Zuma in his address pointed out the signing of a free trade area by 26 African countries that covers more than half of Africa, he also mentioned, “By June 2014, nearly 60 percent of the economy of Africa will be a single free trade area, covering the Southern African Development Community, the East African community and the Common Market for Eastern and Southern Africa.”
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