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Monthly Archives

Aug 2018

COLLABORATION REQUIRED TO IMPROVE SOUTH AFRICA

By | Featured, Press Release

COLLABORATION REQUIRED TO IMPROVE SOUTH AFRICA’s SOVEREIGN CREDIT RATING

 

Johannesburg, 26 August 2018 – Finance Minister Nhlanhla Nene will, on the first day of the 2018 Southern African Metals and Engineering Indaba, meet with Business Unity South Africa CEO Tanya Cohen, Federation of Unions of South Africa General Secretary Dennis George and Centre for Development and Enterprise Executive Director Ann Bernstein to assess what Government, Business and Labour need to do together to improve South Africa’s sovereign credit rating.

Steel and Engineering Industries Federation of Southern African CEO Kaizer Nyatsumba said the need for this plenary session to form part of the 2018 Indaba comes on the back of South Africa having suffered credit downgrade blows from global ratings agencies such as Standard & Poor’s, which last year lowered the country’s foreign and local currency ratings by one notch as a result of the further deterioration of the country’s economic outlook and its public finances.

“If nothing is done to improve South Africa’s sovereign credit downgrade, we can expect foreign investors to find favourable markets elsewhere. This will result in the further weakening of South Africa’s economy and subsequently negatively impact employment creation and social cohesion.

“There can be no new employment created without economic growth and there can be no social cohesion amidst a widening gap between the rich and the poor. It is, therefore, vitally important that we collaborate to find ways to improve our credit ratings,” Mr Nyatsumba said…

GORDHAN, NAIDOO AND DUVENAGE TO SPEAK

By | Featured, Press Release

GORDHAN, NAIDOO AND DUVENAGE TO SPEAK ON EFFORTS TO END THE SCOURGE OF CORRUPTION

 

Johannesburg, 20 August 2018 – Public Enterprises Minister Pravin Gordhan, Organisation Undoing Tax Abuse Executive Director Wayne Duvenage and Council for the Advancement of the South African Constitution Executive Secretary Lawson Naidoo will meet to hammer out solutions to deal with corruption in South Africa’s public and private sectors on the first day of the 2018 Southern African Metals and Engineering Indaba.

The last decade has seen the cancer that is corruption spread in both the public and private sectors, resulting not only in credit rating agencies downgrading South Africa, but also in halting South Africa’s sustainable economic, political and social progress.

The 2016 Transparency International Corruption Perceptions Index found that South Africa was ranked as the most corrupt country in Africa by respondents in the Global Corruption Barometer on Africa. The report identifies elevated levels of vulnerability in the private sector’s provision of services to State-owned companies and government departments.

Allegations of state capture, misdemeanor at State-owned entities such as Eskom as well felony at Steinhoff also serve as evidence of corruption that has stifled South Africa over the last decade.

Commenting on this plenary session, Steel and Engineering Industries Federation of Southern Africa (SEIFSA) Chief Executive Officer Kaizer Nyatsumba said business needs to adopt a zero-tolerance approach to corruption…

A MILLION JOBS IN MANUFACTURING BY 2027

By | Featured, Press Release

A MILLION JOBS IN MANUFACTURING BY 2027 – A REALISTIC PLAN OR A PIPEDREAM

 

Johannesburg, 12 August 2018 – Can South Africa’s manufacturing sector create a million jobs by 2027 amidst a stagnant economy and the much-anticipated fourth industrial revolution, which is likely to result in further mechanization within the sector, and a possible influx of imported goods from China as it seeks new markets following the current  trade war with the US?

This question will take centre stage at the 2018 Southern African Metals and Engineering Indaba, which will take place at the IDC Conference Centre in Sandton on 20-21 September. Deliberating on this question and suggesting ways to make a million jobs target achievable will be Manufacturing Circle CEO Philippa Rodseth, SEIFSA Chief Economist Michael Ade, Highveld Structural Mill CEO Johan Burger and Department of Economic Development Deputy Director-General Zeph Nhleko.

Last year, the Manufacturing Circle launched its “Map to A Million New Jobs in a Decade” plan, with the organisation’s chairman André de Ruyter saying at the time: “If manufacturing can expand to 30% of GDP, between 800 000 and 1.1 million direct jobs can be created, with 5 to 8 times that number in indirect jobs,” he added. “Our ‘Map to a Million’ puts forward detailed proposals to deliver a million jobs in manufacturing in the next decade.”

In the past two decades, the manufacturing sector has shed half a million jobs. At just under 13%, it contributes less than half to GDP than is appropriate for South Africa’s stage of development…

MAIN POLITICAL PARTIES TO ADDRESS 2018 INDABA DELEGATES

By | Featured, Press Release

MAIN POLITICAL PARTIES TO ADDRESS 2018 INDABA DELEGATES

 

Johannesburg, 5 August 2018 – South Africa’s prominent political parties will get an opportunity to unpack their economic manifestos to business leaders attending the 2018 Southern African Metals and Engineering Indaba, scheduled to take place on 20-21 September at the IDC Conference Centre in Sandton.

The African National Congress’s Minister of Cooperative Governance and Traditional Affairs Dr Zweli Mkhize, his colleague Enoch Godongwana who heads the Economic Transformation Committee, along with the Democratic Alliance’s Shadow Minister for Trade and Industry Geordin Hill-Lewis and Inkatha Freedom Party’s Head of Energy, Trade and Industry and Mineral Resources Jan Adriaan Esterhuizen, will tell the business community how their political parties will turn the economy around.

Commenting on this important plenary session, which will take place on the second day of the Indaba, Steel and Engineering Industries Federation of Southern Africa (SEIFSA) Chief Executive Officer Kaizer Nyatsumba said the Federation  felt that it was of critical importance that the main political parties are given an opportunity to outline their plans for the economy ahead of the 2019 General Elections.

“Over the last decade, South Africa’s economy has been dealt many painful blows, including sovereign credit downgrades, stagnant growth and a jobs bloodbath in critical sectors including mining, manufacturing and our very own metals and engineering sector. It goes without saying, therefore, that whoever gets to govern the country in 2019 has a mammoth task of ensuring that a conducive environment is created for South Africa’s economic fortunes to be turned around for the better,” My Nyatsumba said…