Hon Chairperson, indeed, this colloquium builds on the findings of the previous colloquium. At the outset I want to thank all members of the committee for actively participating, and in some cases even chairing part of the proceedings. So, we thank you for that active participation. South Africa is committed to the radical transformation of our country. In a new political and economic era, indeed, we are - the people voted for the ANC, which holds the majority of seats here - informed by the challenges in our country. [Interjections.]
Manufacturing is important for inclusive economic growth and we know why it is important. It has huge multiplier effects, adding value to primary products in all sectors, but especially in the mining, agroforestry and plastics industries, where it is essential for downstream industries, and especially for labour absorption.
Now, there is something interesting. An economist, Ha-Joon Chang, made it very clear that developed countries are where they are today precisely because they industrialised. Of course, before the carbon footprint became a reality, they had the good fortune to be able to actually use fossil fuels. We don't have the same luxury to use them to the same extent. Nevertheless, the ANC developed the Industrial Policy Action Plan 2. This is an overarching instrument, bringing in all the sectors. It is shifting the country away from having an historically consumption-driven economy to having a productivity-driven economy. It is informed directly, especially in the sixth iteration, by bringing about structural changes in the economy.
Another point that most economists have made is that you won't achieve industrialisation unless the state intervenes. We have seen that in all the countries that have been successful in this regard, whether they have been the capitalist countries, the socialist countries, or those in between. [Interjections.]
Let me tell you that we as the ANC recognise that, to achieve this dream, all of our very sound legislation also needs to be harmonised. We recognise that the Broad-Based Black Economic Empowerment Act, the Special Economic Zones Act and the related labour legislation underpin our objective to grow an inclusive economy, to create jobs, and to shift away from monopoly capital.