LIVE: #Ragingbullawards2018: Paul Mashatile talks SA’s economy
CAPE TOWN – The biggest annual investment summit kicked off with Treasury General of the African National Congress (ANC), Paul Mashatile addressing a panel of investors, assuring them that the government is committed to “economic recovery”.
Mashatile started the summit by echoing President Zuma’s words in Davos, Switzerland at the World Economic Forum.
Showcasing where South Africa is going financially is of most importance for the ruling party and in turn for Mashatile.
Mashatile illustrated a confident and developed nation, which has a sound fiscal foundation that is vital for the future of South Africa.
Mashatile made it very clear that South Africa will undoubtedly provide free education, it is of paramount importance for government. Finding the money is the challenge and business needs to address this.
Land expropriation is another fundamental issue for the development of South Africa that Mashatile echoed. But he said must be noted that land expropriation without compensation will not happen. Mashatile said the expropriation of land will only be perused for development, such housing, and food security.
Small businesses will also be supported, and this will happen in conjunction with assisting black entrepreneurs. Government wants to ensure that the business sector is part of this process. Which is the reason summits such as these are important.
One of the main questions Mashatile asked was how we can further grow SA’s economy. One avenue that must be pursued must be the reinvestment of the funds in the pension plans.
“There are billions of rands in these pension funds that must be used for further investment.”
Mashatile ended his address by stating that “the future is bright and we as the investment community must grab opportunities these opportunities.”
A partnership with the private sector is with a doubt important and government is committed to fostering a close bond with the business community, Mashatile said.
During the question phase of Mashatile’s address Bloomberg media asked him about the future of Jacob Zuma. Will he remain in power by the time the State of the Nation adress happens?
Mashatile acknowledged that the ANC’s top 6 is addressing this major issue this week.
What Mashatile wanted to make very clear is that this is not a new issue for the ANC. When there is a new ANC president the current president of the republic is still there for 18 months there is disagreement and a lack of congruence within the party. The ANC will address this issue in due course but Mashatile could not say when this would happen and if it will be by the State of the Nation address.
-BUSINESS REPORT ONLINE