MAKING the re-industrialisation of South Africa a reality was a key focus at the Metals and Engineering Industries Ministerial Conference and Banquet Dinner on 17 September 2024.
Lucio Trentini, CEO of the Steel and Engineering Industries Federation of Southern Africa (Seifsa) which organised the event, said the Metals & Engineering Sector was ready to roll up its sleeves and, in partnership with the government, help to build an inclusive economy that creates jobs and eradicates poverty.
“We, business and government, are all in this together. We share a vested interest,” Trentini said. This sentiment was echoed in Seifsa president Elias Monage’s introduction.
“The time to act is now.” Monage stressed “that the re-industrialization project requires a clear industrial policy framework that will unlock the value inherent in the metals and engineering sector”.
During question-and-answer sessions with attendees, the issue of implementation was raised frequently, with government and industry leaders insistent that action was necessary to turn policy into reality.
The view that South Africa’s Seventh Administration in the form of the Government of National Unity (GNU) had brought a degree of stability to the country was repeated by panelists and members of the audience throughout the conference.
In his speech, Deputy Minister of Finance David Masondo said this political outcome which implied stability had already benefited the rand whose continued strength “is a critical requirement for low inflation, which is one of the anchors of the country’s fiscal stance”. Lower inflation results in lower interest rates which would ease the debt service burden on the fiscal purse and allow room for this money to be diverted to other productive uses in the economy.
The GNU was well represented by Minister of Transport Barbara Creecy, Minister of Employment and Labour Nomakhosazana Meth, Minister of Public Works and Infrastructure Dean Macpherson, Deputy Minister of Finance David Masondo, Deputy Minister of Electricity and Energy Samantha Graham-Mare and Deputy Minister of Water and Sanitation David Mahlobo, who all provided insightful analysis at the Conference.
Minister of Trade, Industry and Competition Parks Tau was the keynote speaker at the Banquet Dinner and was clear that the government is a willing and committed partner for industry in the drive to build South Africa. Tau stressed that the current economic challenges are not just roadblocks, they are invitations for the private sector to come to the party in new and meaningful ways.
