Vision 2030 seeks to fundamentally transform
Finance and Economic Development Minister Mthuli Ncube said the journey started by implementing the Transitional Stabilisation Programme (TSP), and through the TSP, notable achievements were made, in particular the restoration of external and internal macro-economic stability.
"We are now on the second phase of the road to Vision 2030, which is the implementation of the National Development Strategy (NDS1) whose goal is to achieve accelerated inclusive, socio-economic growth through social transformation.
This entails graduating the economy from being predominantly a primarily industry to one dominated by secondary and tertiary industry, in the process creating decent jobs, income for the masses and leaving no one behind," he said while speaking at an event to launch the
Minister Ncube, in the mid-term budget review, revised upwards the economic growth projections, saying he now expected the economy to grow by at least 7,8 percent this year, compared to the previous forecast of 7,4 percent.
"The rapid growth and recovery will be on account of a better 2020/21 agricultural season, higher international commodity prices, a stable macroeconomic environment, and well-managed Covid-19 pandemic," he said.
The Minister said
"
"This sector is important, as it currently contributes between 6 to 8 percent of gross domestic product ( GDP) and we expect that this share will increase through contributions from mining companies such as
According to the Minister, in 2020, the country exported goods and services worth
"The platinum group of metals (PGMS), where
He added that foreign currency receipts were largely driven by high international prices, especially rhodium and palladium and it was understandable, because,
Minister Ncube said the Government is also getting substantial revenue from mining companies in taxes, and the sector is a cash cow for foreign currency for the economy.
"As Government we will continue to improve the economic environment for their quest for growth," he said.
He noted that
"As a country we will continue to benefit from taxes from such projects, export receipts, job creation and other benefits," he said.
The company in 2020 spent
"As Government we appreciate such empowerment programmes in line with NDS1, and it is our hope that all companies, especially those in the extractive industries should invest back into their communities they operate under," Minister Ncube said.
The Minister indicated that
"These initiatives are what we are looking for as a Government to ensure small farmers also benefit from knowledge transfer and link to international markets," he said.
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