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Government Provides Policy Interventions to Minimise Import Leakages - Deputy Minister Magwanishe
The Deputy Minister of Trade and Industry, Mr Bulelani Magwanishe says that government has provided policy interventions to minimise import leakages which represent an outflow of funds whilst at the same time attempting to increase both aggregate demand and supply in the South African economy. Magwanishe was addressing the Proudly South African (Proudly SA) Conference which took place in Cape Town.
The Proudly SA Conference is hosted annually with the key aim of mobilising shop stewards to promote local purchases in the workplace, as well as enhancing participation by small scale businesses in supply chain by exposing them to key drivers and factors that contribute to building sustainable enterprises.
Magwanishe listed interventions such as the Broad-Based Black Economic Empowerment Act and the Black Industrialists Policy as key to stimulating a culture of procuring locally-manufactured products, growing the economy and creating sustainable jobs in the country.
“It is through government’s manufacturing incentives, localisation and designation that we have been able to strengthen the economy, despite the negative global and domestic trading conditions. We have also witnessed Proudly SA recently launching the online shopping website
for the exclusive marketing of locally made goods and services as part of the buy local campaign,” said Magwanishe.
Magwanishe further stressed that despite these notable successes, there were still challenges that needed to be confronted to ensure that the objectives of localisation and buy local are achieved.
“The challenges relate to compliance on the requirements of local content by government departments and state-owned entities, and the net effect of the low demand for South African manufactured products. We do acknowledge these and are working on reforming procurement policies and strengthening remedies for non-compliance on local content,” he said.
The Deputy Minister of Trade and Industry, Mr Bulelani Magwanishe during the Proudly SA Conference in Cape Town.
Sidwell Medupe-Departmental Spokesperson
Tel: (012) 394 1650
Mobile: 079 492 1774
Issued by: The Department of Trade and Industry
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