In response to the country's first recession in nearly a decade, in September 2018, I announced an Economic Stimulus and Recovery Plan to ignite economic activity to restore investor confidence and to prevent further job losses and create new ones. [Applause.]
Most of the measures announced in the plan now form part of the government's Medium Term Strategic Framework to 2024. The government has been tracking implementation of the plan and has reported progress in the February and June state of the nation addresses.
In the reprioritisation of public spending to support growth and job creation, for example, the Land Bank has been allocated almost R4 billion over the Medium-Term Expenditure Framework period to support black commercial farmers.
An allocation of R600 million has been made to support rural and township entrepreneurs.
For critical posts in health, R28 billion has been allocated to a new Human Resources Capacitation Grant, with 2 888 posts already filled.
There have been additional allocations to public employment programmes. These have also involved industrial parks and municipal infrastructure.
More than 17 000 projects valued at over R174 billion are expected to be implemented by municipalities over the next three years.
As part of township revitalisation, 10 industrial parks have received new investments, including industrial parks in Botshabelo, Seshego, Isithebe, Komani, Vulindlela, Babelegi, Phuthaditjhaba, Elandustria, Garankuwa and Nkowankowa.
Since the upgrade of infrastructure in the Botshabelo Industrial Park, for example, the occupancy rate has increased from 75% in 2015 to 82% in 2018 with 19 new investors attracted to the park.
Detailed work has been undertaken towards the establishment of the Infrastructure Fund, which includes elements such as blended
finance, project preparation and strengthened accountability and transparency.
The government has set aside R5 billion over the medium term for blended finance proposals.
To ensure that young people in particular benefit from these and other stimulus measures, we have identified several growth sectors which have a high potential to absorb young people.
We are engaging with these sectors, including tourism and agriculture. Further work is underway through the enhanced industrial policy to encourage new models. The government has also stepped up its work to improve investment climate in our country.
Our inaugural Investment Conference which was held in October of last year drew commitments of R300 billion.
We will host the second South Africa Investment Conference in November, and I encourage the provinces to work with Invest SA, the IDC and others to ensure that the regional opportunities are presented to investors as well.
There are several related initiatives by government to leverage opportunities presented by the Fourth Industrial Revolution.
In April this year, I appointed the members of the Presidential Commission on the Fourth Industrial Revolution. We have also published the final policy on licensing of high-demand spectrum. Access to data is an important element of the Fourth Industrial Revolution.
The Competition Commission has been working with mobile network operators to look at how price-based competition in mobile markets can be improved.
At the time that I announced the stimulus and recovery package, the economic data showed that South Africa was in a recession. Since then the economy has grown. Those still not at the level that we wanted to grow, but we are beginning to see some green shoots.
Incorporating many of the measures that we are taking, the strategy that we are going to put out is expected to place our economy on a new trajectory of growth.
As I said, we will be coming out with clear details of how the Treasury paper that was published, including a whole number of other elements that have to be embarked upon to inject growth into our economy will converge into this strategy as we will be presenting it in the next few weeks ahead of the Medium Term Budget Policy Statement. Thank you, Chairperson. [Applause.]