Test Feb 2021

AROUND THE INDUSTRY

The CEO Initiative has welcomed the President’s commitment in the State of the Nation Address (SONA) to achieving policy certainty and consistency, as well as the commitment to work with labour and business on a number of initiatives to stimulate growth and address the significant unemployment challenge. CEO Initiative reacts to SONA

the revenue-collection capacity can produce much-needed resources to enhance growth; and • restoring the country’s state-owned enterprises, with particular atten- tion to the respective funding mod- els which – if efficiency is achieved – will significantly improve the fiscal position. On the whole, the CEO Initiative is encouraged by the positive tone of the SONA. “With cer tainty, stabi l ity and consistency we are confident that the country should see the much-needed improvement in investment that will stimulate growth and ultimately create jobs,” Mabuza confirms. “Business is committed to continue working with labour and the government in realising these goals, which should set the country on the course for sustained success,” he adds. About the CEO Initiative The CEO Initiative is formed of leaders from various sectors, with the main work streams being led by Jabu Mabuza, chair- man of Telkom SA, chairman of Eskom, chairman of BLSA and president of BUSA; Sim Tshabalala, CEO of Standard Bank; Mike Brown, CEO of Nedbank; MikeTeke, CEO of Seriti Resources; Nicky Newton- King, CEO of the JSE; Adrian Gore, CEO of Discovery; Brian Joffe, CEO of Long4Life; Dr Dan Mat j i la, CEO of the Publ ic Investment Corporation; Colin Coleman, MD for Goldman Sachs in South Africa and Stephen Koseff, CEO of Investec Group. www.ceopledge.co.za

A ccording to Jabu Mabuza, conve- nor of the CEO Initiative: “Policy certainty and consistency are fun- damental foundations for attracting the investment that our country needs to achieve inclusive growth. The business community maintains its willingness to invest in an environment that is condu- cive to achieving sustainable economic output. “The CEO Initiative agrees with the President that youth unemployment is South Africa’s most pressing challenge, and the Initiative has made significant progress in the establishment of the Youth Employment Service (YES). We are encouraged by the urgency that the President communicated in finalising this programme on the part of government. The SA SME Fund has continued its work towards strengthening the ecosystem that our small and medium enterprises operate in, which is crucial for employ- ment creation,”Mabuza says. “We have always maintained that a commitment to fiscal discipline is of the utmost importance if we are to protect our economy from outside shocks and retain an investment grade credit rat- ing. In this regard, we acknowledge the President’s assurance that the implemen- tation details for free tertiary education

and the National Health Insurance – two items that are bound to have a significant impact on the country’s already con- strained fiscus – will be clarified in the Budget Speech.” Mabuza continues: “It is critically important for South Africa to redress its many social challenges, but this has to be done in a responsible manner and bal- anced with the need to stabilise our debt profile and close the fiscal gap.” SONA welcomes the positive rein- forcements contained in the statement, in particular the priorities that aim to reform key elements for investor confi- dence, such as: • confronting state capture and corrup- tion through the immediate prioritis- ing of the Zondo Commission – this is crucial in the battle against malad- ministration which undermines the government’s objectives; • restoring the credibility of public ins t i tut ions , inc luding dea l ing with leadership challenges in key organisations such as the National Prosecuting Authority and the South African Revenue Service (SARS), as well as the commitment to establish a commission of inquiry into tax administration and governance at SARS – addressing the credibility of

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MODERN QUARRYING Quarter 2 / 2018