South Africa’s Deputy Minister of Trade, Industry and Competition, Andrew Whitfield, restated the importance of anchoring the country’s economic growth on finished goods manufacturing and export-oriented trading.
During a debate to discuss the Ministry’s budget at the National Council of Provinces in the South African Parliament, Whitfield explained the manufacturing industry is less susceptible to economic crises while creating real, sustainable jobs with decent wages for people.
In his presentation, the Deputy Minister declared that one of the government’s focal points is to revitalize exports to reduce the risk of small domestic growth while identifying new opportunities for rapid expansion.
According to Whitfield, this goal could be achieved through a dedicated focus on implementing measures to boost the competitiveness of local industries in international global markets, streamlining export processes, reducing commerce barriers, and offering financial and technical assistance to traders.
South Africa’s Minister of Industry, Parkes Tau, reiterated the country’s commitment to a smart, profit-driven and export-oriented industrial policy.
Tau also pointed out that every year the South African economy spends 25 per cent of the national wealth created on imported products, so the government aims to change this trend in areas such as pharmaceuticals and medical devices, eco-industry, food and manufactured goods.
(TVBrics)
