The African National Congress (ANC)’s head of Economic Transformation, Enoch Godongwana says revised manufacturing incentive packages, supportive trade policy and cutting administrative cost will go a long way in supporting growth in the manufacturing sector.
Godongwana was presenting the ANC’s plans for the economy post the national elections, which are set to take place in May.
He was briefing business representatives of the metals and engineering sector in Auckland Park, Johannesburg.
“Mining contributes 39% to export. Manufacturing contributes 50% plus to exports. So, they’re not only good for growth and employment. They are also good for our export earnings or our balance of payment. These sectors are quite critical for us and we’ve got to do a number of things. So, in this sector, we’ve got escalating costs, increasing competition from imports and policy and regulatory issues, which we need to sort out.”
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