Small enterprises set to grow economy: Zuma

Updated on 22 August 2014

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President Jacob Zuma says supporting small enterprises and broad-based economic empowerment will be a key strategy in growing the economy to create millions of decent jobs by 2030. The President said this will be guided by the government’s plan to industrialise the economy by bolstering the small business sector – in line with the National Development Plan (NDP).

The President said this during a sitting of the National Assembly when responding to a question from ANC MP Joanmariae Fubbs on Thursday.

“The National Development Plan represents a long-term strategy to eradicate poverty reduce unemployment and reduce inequality by 2030. “The Industrial Policy Action Plan supports the re-industrialisation of the economy. We have set a target of a 5% growth rate by 2014 and aim to use these instruments to achieve this target. “Primarily, we have begun to institutionalise long-term planning, integration and coordination capacity within the state to drive industrialisation and infrastructure development.

“Our key strategy is also to support small enterprises, cooperatives and broad-based black economic empowerment. We will also mobilise the active participation of all sectors including business and labour to move our country forward towards a 5% growth target,” he said.

Honourable Fubbs had asked how the New Growth Path was related to the NDP, and where the Industrial Policy Action Plan (IPAP) fitted in the context of the NDPHonourable Fubbs had also asked how the NDP was envisaged to create jobs. According to the NDP, 95% of all jobs will come from small and medium enterprises by the year 2030. This article first appeared on SANews.gov.za

Read Also: A Guide to The Small Enterprise Finance Agency Loans

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