Investing in businesses is an important way to increase productivity and create more jobs.
This is according to the Minister in the Presidency, Khumbudzo Ntshavheni, who addressed the media on Thursday on the outcomes of the Cabinet meeting held the previous day.
"Cabinet is confident that the partnership between government and business will help uplift GDP [gross domestic product] to address our nation's socio-economic challenges, including increasing sustainable employment, and restoring investor and public confidence."
According to the Ntshavheni, Cabinet welcomed the progress made in the strategic collaboration between government and business, which has ensured substantial resources and skills investment in addressing key challenges.
The key areas that need addressing, she said, include energy, transport and logistics, and the fight against crime and corruption.
"The recent meeting convened by President Cyril Ramaphosa between government and business discussed, among others, the progress made over the last three months on key priorities to accelerate economic growth."
As part of the support provided by business, the Resource Mobilisation Fund, established to support the implementation of the Energy Action Plan, has raised about R100 million so far.
Meanwhile, she told the media that work continues to support the National Logistics Crisis Committee and the Joint Initiative on Crime and Corruption.
"Cabinet calls on all South Africans and economic sectors to work together in building a stronger and more inclusive economy that creates jobs and contributes to a better tomorrow for all."
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China
Cabinet also noted the visit to China by the Minister of Trade, Industry and Competition (DTIC) to drum up support for new investment in South African manufacturing, including in the auto value-chain.
The visit included meetings with the world's largest electric vehicle (EV) producers and the largest EV battery manufacturers, steel and energy firms and South African companies operating in China.
"During the visit, Minister Ebrahim Patel attended a ceremony at the Zheng He Memorial in Nanjing, to pay tribute to a great Chinese seafarer, who visited the African continent during the fifth Voyage of the Treasure Fleet in 1417 to 1419, establishing contact between trading ports in east Africa.
"China is today one of Africa's largest trading partners, building on an initiative of more than 600 years ago," she added.
READ | Patel completes working visit to China
According to the DTIC, China is currently South Africa's largest trading partner, with bilateral trade estimated at $34 billion (R556 billion) in 2022.
