Chairperson, yesterday the Minister of Finance indicated that as part of the new growth path, an industrial policy action plan is needed to transform our economy towards a more labour-absorbing and dynamic one. Minister Davies has, today, given details of the three-year Industrial Policy Action Plan, which, if successful, will see South Africa become a significant manufacturer of capital equipment for infrastructure projects, both domestically and in the rest of Africa.
The ACDP trusts that this development plan will be more successful than the previous ones. It will necessitate a significant overhaul of procurement legislation and practices to ensure that the R846 billion infrastructure programme stimulates local production and job creation.
High levels of unemployment and poverty, particularly amongst the youth of our nation, must be addressed urgently. Whilst this plan will not solve the unemployment problem, its labour-absorbing focus is a step in the right direction.
Brazil, India, China and other middle-income countries are actively taking steps to improve their global competitiveness. We cannot be left behind. I thank you.