Zuma is loved by many, but the popular belief is that our honorable President is useless, and has caused more harm to the country than good. Fair enough, the belief is quite substantiated by the Guptas, and of course Nkandla event. But is Zuma really straight up useless as South Africa’s President? How possible is it that when he’s bettered our economy with R57 billion investments over the past year?
This is based on the revelations made by the Trade and Industry Minister, Rob Davies who disclosed that Zuma’s government incentives have helped to leverage a recent R57 billion investments in South Africa.
The Minister revealed this when he presented the department’s budget vote at the National Assembly. According to him, the tax incentives amounting to R10 billion, triggered long-term investments that have saved struggling factories in the country.
Davies related that in line with the National Development Plan, which fostered the incentive schemes across the Department of Trade and Industry’s (Dti), “R57.1 billion in private-sector investment is being leveraged as a result of the Dti having provided incentive support during the last financial year of approximately R10 billion.
This support is provided to a wide range of local and domestic companies, one thousand seven hundred and seventy in the last financial year to be exact,” Davies informed.
He further shared the positive outcome of the incentives stating that “industries that appeared to have no future and where assets were being run-down prior to being sold for scrap have been revitalized.”
With “long-term investments – including in machinery, people and skills – are being made which augur well for these industries’ future,” he added.
Thereafter, he disclosed that further plans will focus on supporting black industrialists to balance the shortage of black industrialists in South Africa.
“In the coming year” he said, “we will focus on supporting qualifying Black Industrialists through access to funding, incentives, soft loans, market access, procurement opportunities, training and capacity building, matchmaking and information sharing, research and innovation, assistance to meet quality standards, productivity enhancement support, and economic infrastructure.
This support will be provided through collaboration with development finance institutions, state-owned companies, the Council for Scientific and Industrial Research and the South African Bureau of Standards, along with other private and public institutions.”