RADICAL APPROACH TO ECONOMIC TRANSFORMATION IS IMPORTANT – DEPUTY MINISTER MASUKU

RADICAL APPROACH TO ECONOMIC TRANSFORMATION IS IMPORTANT – DEPUTY MINISTER MASUKU 

The Deputy Minister of Economic Development, Mr. Madala Masuku says radical approach to economic transformation is very important for development and poverty eradication in South Africa.

Deputy Minister Masuku was addressing delegates attending a gala dinner at the three-day International Co-operatives Day celebrations hosted by the Department of Small Business Development, Limpopo Economic Development, Environment and Tourism (LEDET), and the South African National Apex Co-operative (SANACO) in Polokwane last night.

Deputy Minister Masuku said transformation was not only a government issue but a collective responsibility requiring the participation of the private sector and communities. He added that government was making a radical move to integrate national and provincial frameworks for the development of the provincial economies where everyone would be able to contribute meaningfully.

“The only way to achieve the 6% economic growth is to move away from ideas and start acting radically in the implementation process. Targets are set. Plans are now in place. We have to act,” added Masuku.

The Secretary General of SANACO Mr Thulani Mabuza said a partnership between co-operatives and government was very important key in sustaining the co-operatives and enhancing their contribution in creating jobs in the country. 

“SANACO will push for all legislation meant to support Small Medium and Micro Enterprises and co-operatives to be implemented successfully by government. The micro insurance legislation that has been in the pipeline for some time is on top of our list,” noted Mabuza.

Mabuza encouraged co-operatives not to compete with each other, but to cooperate and also not to compromise quality when proving goods and services to government.

Mabuza added that co-operatives were one of the key drivers of transformation and economic growth in South Africa. He urged the Limpopo-based co-operative enterprises to take full advantage of the provincial government’s decision to procure 10% of its goods and services from co-operatives. 

The International Co-operatives Day celebrated globally on the first Saturday of July every year. The Minister of Small Business Development, Ms Lindiwe Zulu will deliver a keynote address in Polokwane today where co-operatives from across South Africa will celebrate the day