Business and government have prioritised work to revitalise the industrial sector – particularly the Vaal Triangle – and to establish an Agricultural Growth Fund to support producers and grow exports as part of an overall objective to “reignite economic growth” and avoid a ratings downgrade.
The heavyweight panel, known as the Presidential CEO Initiative, was launched early this year to ensure public and private cooperation in restoring business confidence. The team – led by Minister of Finance Pravin Gordhan and Business Unity South Africa CEO, Jabu Mabuza – met on Friday to report back on progress made.
President Jacob Zuma, who chaired the meeting, reiterated that business and government was “united” in its endeavours to ensure that South Africa did not get a ratings downgrade.
A delegation from credit ratings agency Moody’s Investors Service is visiting the country this week following its ratings review on several state-owned entities (SOEs) last week.
