South Africa 19.7.2018 09:21 pm

Mabuza talks township economy at summit in East London

Deputy President David Mabuza, right, at a two-day summit on BBBEE, township and rural economy at the East London International Convention Centre, 19 July 2018. Picture: ANA

Deputy President David Mabuza, right, at a two-day summit on BBBEE, township and rural economy at the East London International Convention Centre, 19 July 2018. Picture: ANA

Mabuza said the rural and township economy was not a new concept but required investment to unlock and sustain its development. 

Deputy President David Mabuza today said the African National Congress (ANC) was moving away from sloganeering to implementation of polices that will bring down unemployment, poverty and inequalities.

Mabuza was delivering his opening address at the two-day summit on BBBEE, township and rural economy at the East London International Convention Centre.

The summit was attended by various ministers including Trade and Industry Minister Rob Davies, Agriculture, Forestry and Fishery Minister Senzeni Zokwana, Minister for Small Business and Development Lindiwe Zulu; as well as Eastern Cape Premier Phumulo Masualle.

Mabuza said the challenge of the day was to correct the wrongs of the past which was to blame for poverty and inequality.

“It is not slogans that would resolve the reality we are faced with, but practical actions that would stimulate economic growth and lead to opportunities for gainful employment. We have no illusion that as a country we are going through serious challenges that are as a result of contradictions we have as a nation,” he said.

“However, we must come to a point where we agree that poverty, high unemployment, and deepening crisis of inequality is not good for all of us and is actually a major threat to the sustainability and stability of democracy that we enjoy as a country.”

He said, the rural and township economy was not a new concept but required investment to unlock and sustain its development.

“The question for us today is how to unlock the repository of its value, how to unearth its inherent potential in a manner that addresses the aspirations of the black majority, whilst eliminating fears shaped by white privilege,” Mabuza said.

“In every engagement that government has with aspiring entrepreneurs and those in the informal economy, which in the main are women and young people, the issue that is frequently raised is that of lack of business funding or sufficient support from financial institutions.”

The summit continues on Friday.

African News Agency (ANA) 

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