Chairperson, hon Minister, South Africa is currently underperforming economically, both in terms of our peers in sub-Saharan Africa and in terms of what is required to grow the number of jobs that our people so desperately need. We simply cannot be satisfied with South Africa's current level of economic growth and we have to implement bold policy initiatives that will make a real difference to our future growth prospects.
We believe it is unacceptable that the level of infrastructure investment is still only at 7% of our GDP, when we expect it to be more than 10%, given the 15 years of massive underinvestment that has plagued this sector.
We are seeing the impact of this underinvestment throughout our country, from failing water treatment plants to decrepit electricity distribution grids. We realise that government can clearly not do this alone. We must create an appropriate institutional environment that will bring the capital and the expertise of the private sector into this arena. Building public- private partnerships has proved to be highly effective in the Western Cape, where the provincial government launched the Western Cape Economic Development Partnership, EDP, last year. By March of this year, the EDP had the support and input from 134 organisations and partners across six sectors of the regional economy, proving that the private sector is ready and willing to join hands with government to solve our problems.
We would also like to know when Treasury will finalise the financial model for the SA Renewables Initiative, as it is embarrassing that we are still unable to access the billions that progressive European countries have made available to support our renewable energy ambitions. We also urge Treasury to conduct a thorough economic feasibility study into the proposed nuclear build programme as it could impose long-term costs that our economy will simply not be able to endure.
It seems that in the absence of bold policy initiatives, all this government can produce are a whole host of hopeless accords. Minister, I am sure you are aware that an accord will not magically resolve the discord that resides amongst our youth, given their shockingly high levels of unemployment. They need real solutions and not consensus-seeking statements that deliver nothing tangible.
I fail to see why after four years of stalling on the implementation of the youth wage subsidy, there is now the absurd statement that a policy initiative will only be implemented once there is consensus amongst all constituents as per the Youth Employment Accord.
Minister, we support your youth employment tax incentive, announced in your budget, but we will only believe it when we actually see it implemented. This Youth Employment Accord merely highlights the fundamental discord that resides in the heart of this government. It is time to stand up to vested interests and to ensure that the 4,7 million unemployed youth of this country are given the respect that they deserve in terms of real policy solutions that will address their plight.
Let us finally end the back and forth on this issue and implement the youth wage subsidy now. I thank you. [Interjections.] [Applause.]