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SA needs to promote inclusive economic growth

economic growth

South Africa needs to raise the level of economic growth and promote inclusive growth if it is to win the battle against poverty, inequality and unemployment, says Trade and Industry Minister Rob Davies.

Addressing China’s electronics manufacturer HiSense’s two-day export strategy conference in Cape Town, the Minister said industrialisation was fundamental.

“For us as a country, industrialisation is fundamental and we need to move up the value chain. Infrastructure is necessary to support and underpin industrialisation. We also need to support new innovative technology coming to our country and transferring those technologies to our people.

“I believe that these elements will enable us to reach an inclusive growth,” said Minister Davies.

The HiSense head offices are based in Midrand, Johannesburg, and its manufacturing factory was launched in 2013 in Atlantis, Cape Town.

The Minister added that South Africa can learn from the Chinese by promoting investment both domestically and abroad.

“One of the things that is interesting about Hisense in particular, is it is one of the first Chinese investments that came to South Africa and located itself in value added industries. The People’s Republic of China changed from being the net recipients of foreign direct investment to becoming net investors outside of the borders of China,” added Minister Davies

The Minister said government’s policy on black industrialists was important for promoting a much more inclusive pattern of economic growth.

“We need to include more historically disadvantaged people in the manufacturing sector. It is for this reason that we have taken a decision to support black industrialists on top of the BEE programmes, so that we actually assist to create many more black people who are in fact leaders of the industrial enterprises in the country,” said the Minister.

He highlighted that South Africa has the capacity to produce quality products.

The company’s General Manager Youbo Li, indicated that HiSense SA was voted amongst the top five performing companies.

Li said HiSense SA is ranked second globally after the United States in terms of Hisense standards.

Hisense SA aims to produce 270 000 TV sets and 210 000 fridges in 2015. –

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