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Durban – The economy will grow if more blacks are allowed to participate in it, KwaZulu-Natal economic development MEC Sihle Zikalala said on Friday.
“Our approach to radical economic transformation entails… accepting that, if more people are given space to meaningfully participate, the size of our economy and its rate of growth will increase,” he said at the Growth Coalition breakfast in Durban.
“As we deal with the legacy of apartheid misrule, all of us will have to make concessions and ensure that black Africans in particular hold a more discernible stake in the economy.”
Government had already come up with far-reaching initiatives such as operation Vula and the black industrialists programme to include the black majority in the province in the economic mainstream.
Operation Vula is intended to ensure the provincial government buys from SMMEs and co-operatives. President Jacob Zuma announced it last month. The industrialists’ programme is dedicated to growing and making black-owned businesses globally competitive, and ensuring that black industrialists have access to capital, contracts, and markets.
Zikalala said while significant strides had been made to transform the economy, far too many people, in particular women and the youth, were still on the periphery.
The province remained a sound investment destination despite the technical recession in the country, he said.
Plans were afoot to bolster the manufacturing and mining sectors in the province. A manufacturing summit would be convened to discuss how to grow and protect this sector.
