Government To Improve Ties With Business Sectors

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President Jacob Zuma had yesterday, moved for a closer relationship between the government and the business sector, pledging to repair the bridge between the two and give room for better ties with companies which he referred to as the backbone of the country’s economy.

Speaking with his cabinet and over 140 business leaders in Cape Town, President Zuma said he aims at finding ways of improve investor sentiment towards the country and to stimulate growth in the weakening economy caused by the sharp fall in the price of metals and the dreaded drought that has befallen the country.

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Addressing the press on the purpose of the meeting,  the head of strategic trade at Aspen Pharmacare Holdings, Stavros Nicolaou said:

 “There was a constructive mood in the room and I think business and government were committed to the process.

“The reality is that we are nearing a crisis and if the parties do not work together now it can become a lot worse.”



“There was a constructive mood in the room and I think business and government were committed to the process,” Stavros Nicolaou, head of strategic trade at Aspen Pharmacare Holdings, said.

“The reality is that we are nearing a crisis and if the parties do not work together now it can become a lot worse.”

The country is said to been currently facing a credit-rating downgrading to junk status and the Reserve Bank and the World Bank expect the South African economy to grow by less than 1% this year.Among those present at the meeting were Barclays Africa Group CEO Maria Ramos and Christo Wiese, chairman of Shoprite Holdings.

Speaking on the economic status and how Zuma’s actions in the last two months had affected it, Goolam Ballim, of Standard Bank said: “Ironically, December [and the sacking of Finance Minister, Nhlanhla Nene might have been the gift that gives us the political room for a credible, fiscally sustainable promise,” However, other business leaders said Zuma has been urged to see to a possible means of stopping the “scoring own-goals” of the economy

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