Govt-business targets 3% economic growth, one million jobs by 2030

President Cyril Ramaphosa says phase three of the Government-Business Partnership will focus on advancing economic growth to reach 3%, while aiming to create one million jobs by 2030.

Addressing delegates in Sandton, the President underscored the success of the collaboration which has resulted in the elimination of loadshedding, the improvement of the logistics system and the country’s removal from the Financial Action Task Forces’ greylist among others .

Ramaphosa says the country needs growth that delivers jobs and supports small and medium businesses owned by women and youth.

“The central focus of phase 3 must be inclusive growth, jobs and confidence.

Our immediate objective is to lift economic growth above 3%, that should be our focus, but growth of 3% cannot be our summit ambition.

It is a necessary threshold from which we must advance towards higher sustained and more inclusive growth.

The composition of growth matters as much as its rate.

We need growth that is labour intensive, that expands our industrial capacity.” VIDEO | President Cyril Ramaphosa’s address at the launch of the phase three of the Government-Business Partnership: The programme will also seek to pursue growth through specific sectors, mainly mining , agriculture, infrastructure and tourism.

This is according to the co-convenor of the partnership and chair of Business Leadership South Africa, Adrian Gore who addressed the gathering.

He says these sectors were selected based on potential growth, economic materiality and jobs multiplier effect.

Gore emphasised that an economy that’s fit for purpose must be able to create 300 000 jobs annually.

“Mining is a geological superpower.

It is asleep; we need to wake it up.

It is a leader in PGMs [platinum group metals] and has an incredible market share across many different commodities.