SOUTH AFRICA CAN BECOME AN EXPORT-ORIENTED ECONOMY – DEPUTY MINISTER WHITFIELD

17 July 2024

Cape Town – South Africa has the potential to transform into an export-oriented economy, according to the Deputy Minister of Trade, Industry and Competition, Mr. Andrew Whitfield. Addressing Parliament during the department’s Budget Vote, Whitfield outlined a comprehensive strategy aimed at bolstering local industries and enhancing South Africa’s global competitiveness.

Whitfield emphasized the importance of manufacturing-led growth, as articulated by Minister Parks Tau. “It is essential that South Africa’s economic growth is grounded in manufacturing-led growth,” he stated. The Deputy Minister highlighted the department’s commitment to creating a supportive ecosystem for manufacturing by leveraging evidence-based strategies. This involves identifying intermediate goods to enhance the competitiveness of local manufacturers and targeting products that South Africa produces efficiently for markets with high or growing demand.

A key element of this strategy is industrial policy, which Whitfield noted as a central theme of the current administration. He stressed the importance of a collaborative approach, involving multiple government departments and key partners, to reduce bureaucratic obstacles and accelerate progress.

The Deputy Minister also underscored the department’s dedication to localization. This commitment includes investing in safety and security, infrastructure development, securing energy supply, and ensuring quality education and training to drive a skills revolution. “It is critical that we partner with the private sector to unlock deep pools of capital, benefit from their expertise, and ensure strong investment inflows into our economy,” Whitfield added.

Open and transparent engagement with the private sector is crucial for building trust and fostering investment, according to Whitfield. He reiterated his commitment to working closely with Minister Tau and Deputy Minister Godlimpi to drive the bold actions necessary for achieving high growth and job creation, ultimately leading to an inclusive future for all South Africans.