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Press Offices > Associations

Association for Savings and Investment South Africa
Press Office Feature : Business welcomes Gordhan’s appointment; demands vigorous pursuit of Public Private Partnerships

Company: Association for Savings and Investment South Africa
Author:Edited by ITInews
Email:[email protected]
Posted:15 Dec 2015

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Urges Government to ensure the consistent deployment of competent individuals

The Association for Savings and Investment South Africa (ASISA) and its members, who hold assets under management of around R8.5 trillion, remain committed to partnering with Government on building a resilient economy and a better life for all South Africans as requested by Finance Minister Pravin Gordhan yesterday.

We do, however, urge Government to ensure the consistent deployment of competent individuals to key Ministries and State Owned Enterprises as well as proper governance within these institutions.

This will achieve the efficient management of state resources and the Government machinery to enable much needed private sector investment for growth.

This is also key in strengthening the confidence of local and foreign investors to partner with Government in funding infrastructure investments.
ASISA is relieved therefore that the critically important Finance Ministry has been returned to an individual with the pre-requisite experience to lead a complex economy like ours.

Minister Gordhan is trusted and well respected by business as well as local and international investors for his consistency and fiscal prudence.

We believe his appointment will restore some confidence to the markets.
As the savings and investment industry we are comforted by Minister Gordhan’s commitment yesterday that sound fiscal management would remain firmly entrenched and that Government would continue the fiscal consolidation process in an effort to stabilise debt.
However, we call on the President and all the economic cluster ministries to support the Treasury’s efforts and speak with one voice on the matters pertaining to this policy framework on management of the economy.

A clear and stable policy framework is critical in giving confidence to the private sector.
For the deployment of private sector capital to be effective we need policy certainty, meaning that the events of the past week can never be repeated.

The truth is that capital goes where it is treated well and not necessarily where it is needed.
As a significant stakeholder from the private sector, which as pointed out by Minister Gordhan is one of the strengths of our country and holds 80% of our economy, we are pleased that Government intends to intensify cooperation and partnerships with the private sector to achieve higher growth rates.

The reality is that growth cannot be funded by debt alone. Much needed infrastructure development, for example, if financed within a well-structured Public Private Partnership would take the strain off the fiscus as well as the balance sheets of the State Owned Enterprises.
As an industry we remain supportive of and aligned to the National Development Plan (NDP) as South Africa’s best chance of achieving the higher economic growth rates necessary to reduce poverty, unemployment and inequality.

We believe that Public Private Partnerships must be pursued vigorously in order to jointly deliver on the NDP in an environment of trust and mutual respect.

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