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Treasury: Implementation of plans in new report could create 1m jobs

The report looks at modernising network industries to promote competitiveness & inclusive growth, lowering barriers to entry & addressing distorted patterns of ownership.

FILE: Finance Minister Tito Mboweni. Pictures: Cindy Archillies/EWN

JOHANNESBURG - National Treasury said that if the proposals contained in a new report were implemented, annual growth could expand by as much at three percentage points, creating one million jobs.

South African Finance Minister Tito Mboweni said that the 77-page report compiled by Treasury had been released for the public to comment om by 15 September.

It is titled 'Economic transformation, inclusive growth and competitiveness: towards an economic strategy for South Africa'.

The report, released on the Treasury's website, drew on six themes.

These included modernising network industries to promote competitiveness and inclusive growth, lowering barriers to entry and addressing distorted patterns of ownership.

Added to this, Treasury wanted labour-intensive growth in agriculture and services while implementing focused and flexible industrial and trade policies.

It's argued that export competitiveness needed to be promoted to harness regional growth opportunities.

Mboweni said these were the ingredients to promote substantial economic growth in South Africa.