The Minister of Finance highlighted that the new growth path provides the basis for coordinated policies and programmes across the state, and reinvigorated dialogue and cooperation among social partners. According to the Minister of Finance, South Africa needs to promote more rapid job creation through a broad range of policy initiatives to achieve the country's developmental aims. These include the following: . . Labour-market institutions must be strengthened, including expanded further education and training and specific interventions are needed to increase both public and private sector demand for labour, especially for young work seekers; . A greater participation of development finance institutions in co- financing infrastructure projects, enterprise development, housing and farming support; . Industrial policy action plans have to be implemented, together with increased support for small enterprises and local economic development; . Greater investment and competition are needed in the electricity, transport and communications sectors; . Improved economic cooperation between countries in Southern Africa, including financial and trade institutions, transport, communications, energy and water networks; and . The underlying all of the above, improvements in public service delivery will depend on better financial management, good governance and disciplined pursuit of agreed service delivery outputs and targets. BUSA believes that the 2010 MTBPS provided important guidance on macroeconomic policy direction. BUSA welcomes the signals that the new growth path will be aligned to the existing framework and vice versa. Furthermore, BUSA believes that greater attention must be given to address underlying competitiveness issues and that reducing the cost of doing business is supportive of the new growth path, which is probably the least expensive approach to unlocking South Africa's long term growth potential. The Chief Economist at the Efficient Financial Holdings, Mr Dawie Roodt, points out that despite a rather healthy fiscal stance, significant changes in certain variables can be expected over the next few years. The new growth path will require huge amounts of money and, although the fiscal deficit is likely to remain within acceptable levels, huge expenditure requirements by the parastatals will add significantly to the state debt burden. Expenditure by parastatals is under the line, items which are not included in the deficit, but which are included in state debt. The 2010 MTBPS expects state debt relative to GDP to top 40 per cent by 2014, significantly higher than now but a lot lower than that of many other economies.