President Cyril Ramaphosa in his State of the Nation Address (SONA) has announced that Cabinet has approved a comprehensive implementation plan to drive growth and inclusion in the country.
"All our actions now are driven by the need for rapid and inclusive economic growth to create more jobs and better quality jobs," President Ramaphosa said in his address on Thursday evening in Cape Town.
He said a stronger South Africa depended on a growing economy.
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"Through this plan, we are working to revive growth by creating the conditions for firms to invest by maintaining a clear and stable macro-economic framework, investing in infrastructure that works, creating a conducive regulatory framework that supports growth and enables competition and a focused and forward-looking industrial policy," President Ramaphosa said.
The President explained that the foundation of the plan is investment, particularly in public infrastructure, as well as labour intensive growth sectors that are capable of future growth.
"Infrastructure is much more than an investment in brick, mortar, concrete and steel. It is an investment in jobs, productivity and growth. For many years, fixed investment has been declining. We are now changing that," the President said.
President Ramaphosa said government has committed more than R1 trillion in public investment over three years to build and maintain infrastructure.
"This is the largest allocation of its kind in our country's history. It will be transformative. Through the Infrastructure Fund and new regulations for public-private partnerships, we are using innovative funding models, reducing risk and attracting investors to fast-track projects in energy, water, transport and digital infrastructure.
"We launched our first-ever infrastructure bond to raise funding for the infrastructure drive, which was more than two times oversubscribed.
"To prevent undue delays in critical projects, we will establish specialised courts for commercial matters with dedicated judges and dedicated court rolls to ensure faster outcomes in matters that have a bearing on the economy and development.
"This year, we will begin the work to establish a professional State Property Company to transform the 88,000 buildings and 5 million hectares of land owned by the state into professionally managed engines of growth and development.
"Through Operation Vulindlela, we are working to transform the structure of our economy, to fix our infrastructure and make our electricity, water and logistics sectors more competitive and efficient," the President said.
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