Cape Town – Deputy President Paul Mashatile has called on investors to continue investing in the country to help change its economic fortunes and create more job opportunities.
Mashatile was speaking virtually while addressing the Ninety One Global Investment Summit on Wednesday.
He emphasised the need for collaboration between the government and the business sector to fund projects that can generate income and profit while also identifying investment opportunities.
“More than ever before, the government and the business sector must work together to fund and invest in projects that can generate both income and profit and unearth investment opportunities in the country,” Mashatile said.
He praised the sector for investing in youth development initiatives and improving access to clean water.
“We must work together to build and strengthen our economy. We must find real-world solutions to the burning issues of poverty, unemployment and inequality that confront us as a people.
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“In this regard, we urge you to work with us through Infrastructure South Africa to partner on our infrastructure portfolio. Including partner with the Department of Water to invest in water infrastructure so as to avoid another crisis in that sector,” the deputy president said.
Mashatile urged investors to consider industries such as manufacturing, agribusiness, transport and logistics, the ocean economy, digital economy, and renewable energy.
“We assure you that there are many investment prospects in South Africa. Investors may consider investing in industries such as manufacturing, agribusiness, transport and logistics, the ocean economy, the digital economy, and renewable energy. As a matter of urgency, solving the energy crisis remains at the top of our agenda as government,” he said.
He highlighted the importance of stabilising the energy supply, fixing Eskom, and encouraging private investment in generation capacity.
The government is actively implementing the Integrated Resource Plan 2019 and pursuing cross-border power purchases to address the energy crisis.
“Equally, government continues to rapidly implement the Integrated Resource Plan 2019 by procuring additional energy capacity through renewable energy procurement programmes,” said Mashatile.
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He also mentioned efforts to reduce bureaucracy and simplify administrative procedures to facilitate business operations.
The government is committed to a just energy transition and has developed the Just Energy Transition Plan to guide the shift to a sustainable energy system while minimising job losses.
“However, as work towards the just transition, we will not transition in darkness. It would be irresponsible of us, given our current energy supply challenges, to simply abandon the existing base-load energy sources with haste and no guarantees for our economy’s long-term energy security.
“Through the Just Energy Transition Partnership, we are demonstrating our collective dedication to easing the negative effects of the energy transition on South Africa’s economy, workforce, and communities,” Mashatile said.
The Just Energy Transition Plan guides the nation’s transition from fossil fuels to a sustainable and equitable energy system, without occasioning a bloodbath of job losses.
“Our Just Energy Transition Investment Plan for the five years from 2022–2027 outlines the scale of need and the investments required to meet the decarbonisation commitments in our Nationally Determined Contribution, which outlines the rate at which South Africa intends to reduce greenhouse gas emissions and represents South Africa’s fair contribution to the Paris Agreement goals,” said Mashatile
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Compiled by Betha Madhomu
